Trump Nominates Treasury Secretary Candidate Scott Bessent... Universal Tariff Implementation Expected (Comprehensive)

Trump's Key Economic Advisor States
"Will Enhance US Competitiveness and Prevent Trade Imbalances"

Donald Trump, the President-elect of the United States, on the 22nd (local time) nominated Scott Bessent (62, pictured), founder of the hedge fund 'Key Square Group,' as the candidate for Secretary of the Treasury, who will oversee economic policy in his second-term administration.

In a statement on the same day, Trump said, "I am very pleased to nominate Bessent as the 79th U.S. Secretary of the Treasury," adding, "He is widely respected as one of the world's top international investors and geopolitical and economic strategists."

He continued, "Bessent has long been a strong supporter of the 'America First' agenda," and "With the 250th anniversary of the founding of the great United States approaching, he will help me strengthen America's position as the world's leading center of economy, innovation, and entrepreneurship, as well as the destination for capital, while undoubtedly maintaining the U.S. dollar as the world's reserve currency and ushering in a new golden age."

Trump also emphasized, "Bessent will support my policies aimed at enhancing America's competitiveness, preventing unfair trade imbalances, and creating an economy that prioritizes growth, especially through upcoming dominance in the global energy market."

Bessent has served as a key economic advisor to President-elect Trump. During this year's election campaign, he frequently accompanied Trump on the campaign trail and played a leading role in organizing fundraising events for Trump, raising substantial election funds.

The Treasury Department is the highest-ranking economic policy agency within the U.S. administration. It wields significant authority in various areas such as taxation, national debt, financial regulation, sanctions control, and economic diplomacy.

In particular, it is expected to focus on implementing the universal tariff pledge made by Trump during his presidential campaign, targeting the entire world.

Despite concerns from Wall Street and other sectors of the U.S. economy that such universal tariffs could trigger trade wars, ultimately leading to higher consumer prices and worsening inflation, Bessent has steadfastly supported and defended President-elect Trump.