Emmanuel OchayiPresident-elect Donald Trump has chosen Scott Bessent, a hedge fund manager and former advisor to billionaire George Soros, as his pick for Treasury Secretary.
If confirmed, Bessent will be the first openly gay Senate-confirmed Cabinet member in a Republican administration. He is known for his support of deficit reduction, tax policy reforms, and his unconventional stance on tariffs.
Join our WhatsApp ChannelBessent, who once supported Democratic causes, has now become a firm backer of Trump’s economic agenda. Speaking on his shift in political support, Bessent said, “People evolve. I saw an opportunity to make a difference, and I’m ready to do so.”
Scott Bessent’s Role in Economic Policy
Bessent has been vocal about his vision for U.S. economic policy, especially on deficit reduction and tax reforms. He played a crucial role in shaping Trump’s approach to financial policy during his 2016 campaign and is now set to continue that work in the administration.
He strongly supports the extension of the Tax Cuts and Jobs Act of 2017, a move that some analysts believe could add between $6 trillion and $10 trillion to the U.S. deficit over the next decade. To address this, Bessent has proposed budget cuts and tax adjustments to reduce the impact on the federal deficit.
“That’s going to be a negotiation with the Republican Congress,” Bessent told CNBC in a recent interview. “I’ve already been in conversations with a lot of the Republicans who will chair those committees.” He added, “The Republican Congress, there’s a big appetite for pay-fors. It will be a negotiation.”
Bessent has consistently warned of the dangers of rising national debt. “I do think this debt and deficit is going to be the big issue of the day. I think Americans are worried about it,” he said, emphasizing his desire for a “deficit reduction program” to ease the pressure on the U.S. economy.
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Scott Bessent’s Stance on Tariffs
One of Bessent’s most debated views is his stance on tariffs. While most mainstream economists view tariffs as a risky economic tool, Bessent sees them as a strategic instrument to influence global trade and foreign policy.
In an August interview with Bloomberg, Bessent explained, “I think that tariffs in a way can be regarded as an economic sanction without a sanction.” He argued that tariffs could be used to target countries like China that manipulate their currencies or flood the global market with cheap goods.
Bessent also made his position clear in a Fox News op-ed, where he wrote, “Tariffs are a useful tool for achieving the president’s foreign policy objectives.” He argued that tariffs could pressure allies to contribute more to defense spending, secure better trade deals, and curb illegal immigration and drug trafficking.
However, he emphasized the need for a gradual approach to tariffs. “I would recommend that tariffs be layered in gradually,” he told CNBC, highlighting his preference for measured policy changes rather than sudden economic shocks.
His Journey From Soros Associate to Trump Advisor
Before becoming one of Trump’s key financial advisors, Scott Bessent was an associate of George Soros, one of the most prominent Democratic donors in the world. While working with Soros, Bessent was involved in managing the famous 1992 “Black Wednesday” trade, where Soros bet against the British pound and made billions.
His early political donations also leaned toward Democratic causes. Bessent contributed to Al Gore’s presidential campaign in 2000. However, he later shifted his political allegiance, becoming a major donor to Trump’s campaign and an advocate of Republican fiscal policies.
On his switch from supporting Democrats to backing Trump, Bessent said, “It’s not about party loyalty. It’s about what works for the economy and for the American people.”
A Historic Appointment for the LGBTQ Community
If confirmed, Bessent will become the first openly gay Treasury Secretary in U.S. history. He would also be the first openly gay person to serve in a Senate-confirmed Cabinet position under a Republican administration.
While former acting Director of National Intelligence Richard Grenell was the first openly gay official to serve in a Cabinet-level role, his position was not subject to Senate confirmation. Bessent’s confirmation would be a landmark moment for LGBTQ representation in the federal government.
Reflecting on how far society has come, Bessent told the Yale Alumni Magazine in 2015, “If you had told me in 1984, when we graduated, and people were dying of AIDS, that 30 years later I’d be legally married and we would have two children via surrogacy, I wouldn’t have believed you.”
What’s Next for Scott Bessent?
Bessent’s nomination now faces Senate scrutiny, with some lawmakers expected to challenge his views on tariffs, deficit reduction, and tax policy. His confirmation hearings are likely to feature tough questions from both sides of the aisle.
As for his goals, Bessent has been clear. “This role is about ensuring the U.S. economy stays strong and that we remain a global leader in financial policy,” he said. “I’m ready for the challenge.”
His influence on Trump’s economic strategy could have lasting effects on U.S. policy, especially regarding trade, debt, and financial regulation. His supporters believe his unique blend of Wall Street experience and public service commitment makes him well-suited for the role. Critics, however, are likely to question his approach to tariffs and the impact of tax cuts on the deficit.
One thing is certain: Scott Bessent’s appointment will make history and could shape U.S. economic policy for years to come.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
