US President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, ending days of twists that saw high profile candidates pitted against each other for the cabinet position with vast influence over economic, regulatory and international affairs.
Wall Street has been closely watching who Trump would choose, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term.
The choice of Bessent, 62, who has spent his career in finance, gives Wall Street an advocate for tax reform and deregulation. Some strategists said his nomination was a relief as he understands markets and his appointment could reduce the chance of severe tariffs.