Scott Bessent, Donald Trump’s pick for Treasury secretary, is a veteran Wall Street executive who advised Trump during his presidential campaign and promoted his economic agenda of tariffs, tax cuts and federal regulations.

Trump announced his choice Friday in a post on Truth Social, his social media platform, selecting the billionaire. on several rivals candidates whose names had been published in the press. Secretary of the Treasury is the primary financial mission of the White House, overseeing the IRS, banking regulation and management of the $36 trillion national debt.

“He will help me usher in a new golden age for the United States, as we strengthen our position as the world’s leading economy, center of innovation and entrepreneurship, destination for capital, while always and without any doubt the US dollar as the world’s #1 reserve currency (sic),” Trump posted.

Bessent could play a key role in government management of the economy at a time when several crucial deadlines are approaching. Lawmakers must decide how to manage the debt ceiling, which should be reimposed in January on January 2, before Trump’s inauguration and the 2017 Trump tax cuts, many of which expires in 2025.

Bessent’s view on politics

The selection of Bessent could appease some investor fears that Trump will impose the drastic tariffs he proposed during the presidential campaign, including a 60% tariff on goods from China and a 20% tariff on all imports. Economists widely believe that tariffs fuel inflation and hurt the economy as traders pass on higher costs to customers.

In an op-ed for Fox News this month and in a talk at the Manhattan Institute think tank this summer, Bessent stressed that tariffs could be used as a negotiating tool to secure better trade deals with other countries without imposing them.

“I think given Donald Trump’s credibility and what he’s done in the past on tariffs, we may not have to come up with tariffs, but the threat tariffs will change the quality and fairness of many historically poor trade agreements,” he added. Bessent said at a Manhattan Institute event.

At least one economist has suggested that Bessent’s influence within the administration would make it less likely that Trump would impose large, economically damaging tariffs.

“Bessent would likely push for a cautious approach to tariffs,” Bernard Yaros, chief U.S. economist at Oxford Economics, wrote in a commentary before his selection as Treasury secretary.

Bessent has argued for lower taxes and reduced government spending and regulations, classic conservative positions that Trump has said he would pursue. He also praised Trump’s plans to restrict immigration and increase energy production.

Context of Bessent

Bessent has a long history on Wall Street and has not held any government position, according to news reports about his career. The billionaire runs Key Square Capital Management, the hedge fund he founded in 2015. Before that, he was the chief financial advisor to George Sorosthe billionaire liberal donor to the Democrats, frequently criticized in the right-wing media.

And it’s not just about Soros, Bessent has already worked with many famous investors such as Soros’ former partner Jim Rogers, short seller James Chanos and Stanley Druckenmillerbefore founding his own hedge fund.

Like Trump himself, Bessent’s political allegiances have shifted over time. In addition to his long career with Soros, in 2000 he raised money for Democratic presidential candidate Al Gore.