Trump selects Scott Bessent for Treasury Secretary

Would make history as the first openly gay Treasury Secretary in a Republican administration

President-elect Donald Trump has selected billionaire investor Scott Bessent to lead the Treasury Department, continuing his push for economic reforms that include increased tariffs and significant changes to U.S. trade policies. Bessent, the founder of hedge fund Key Square Group, has a storied background in global finance and a political history that spans both parties, having transitioned from longtime Democratic donor to Trump supporter.

“As a lifelong Champion of Main Street America and American Industry, Scott will support my Policies that will drive U.S. Competitiveness, stop unfair Trade imbalances, and work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance,” Trump said in Friday’s announcement.

Democrat-Turned-Trump Ally

Bessent’s appointment underscores his complex political affiliations. Before aligning with Trump, he was a major donor to Democratic presidential campaigns, including those of Barack Obama, Hillary Clinton, and Al Gore. He also hosted a fundraiser for Gore during the 2000 election.

His transition to Trump’s orbit began in recent years, buoyed by his close ties to Vice President-elect J.D. Vance and his long-standing relationship with Trump’s family, particularly Trump’s late brother Robert. Despite his earlier ties to Democratic megadonor George Soros—whose causes Trump has frequently criticized—Bessent played a key role in financing Trump’s second campaign and promoting his economic platform.

A Storied Financial Career

Bessent’s rise in finance began under the mentorship of Soros, serving as his chief investment officer for over a decade. He was instrumental in Soros’s legendary 1992 bet against the British pound, a move that earned the firm $1 billion. Later, Bessent launched his own hedge fund with $4.5 million, focusing on global macroeconomics.

His expertise in bond and currency markets is expected to prove invaluable as Treasury Secretary. According to sources, his proposed economic strategies, including targeting 3% GDP growth and boosting oil production by 3 million barrels per day, were key factors in Trump’s decision.

Economic Philosophy and Tariff Policy

Bessent’s appointment comes as Trump reiterates his call for aggressive tariff measures. Throughout his campaign, Trump championed tariffs as a tool to protect American industries, proposing a general 10-20% tariff on all imports and a steep 60% tariff on Chinese goods.

Bessent has publicly supported tariffs as an alternative to sanctions, stating they can be a strategic response to practices like currency manipulation and overproduction. However, Trump’s announcement notably omitted any direct mention of tariffs, leading some supporters to question whether Bessent will fully embrace the president-elect’s hardline trade agenda.

A Historic First

If confirmed by the Senate, Bessent will make history as the first openly gay Treasury Secretary in a Republican administration. He is married to John Freeman, a former New York City prosecutor. Bessent would follow Pete Buttigieg, who became the first openly LGBTQ Senate-confirmed Cabinet member as Transportation Secretary in 2021.

Challenges Ahead

Bessent’s confirmation will likely draw scrutiny from both parties. Democrats may question his dramatic political shift and ties to Trump, while some Republicans worry he may not be as aggressive on tariffs as Trump’s rhetoric suggests. Still, his extensive financial background and history of supporting bipartisan causes could make him a unifying figure in a deeply divided Washington.

For now, Bessent’s appointment signals Trump’s commitment to reshaping U.S. economic policy and global trade. With the promise of deregulation, energy dominance, and a competitive domestic market, the next Treasury Secretary will play a pivotal role in shaping the nation’s financial future.