2024-11-24 11:07:00
US President-elect Donald Trump has completed his future cabinet with a champion of “America First” economic policy and a mastermind of his political program. Trump nominated hedge fund manager Scott Bessent for Treasury Secretary on Friday. Brooke Rollins followed as Agriculture Secretary on Saturday. This means that all important positions in the future government have been assigned.
Billionaire Bessent supports tariffs on foreign imports and tax cuts at home. Of his former economic adviser, Trump said: “He will help me usher in a new Golden Age for the United States and strengthen our position as the world’s leading economy.” Bessent is “widely respected as one of the world’s leading international investors and geopolitical and economic strategists” and will also help “revitalize the private sector and slow the unsustainable path of public debt.”
As in his first term in office, Trump wants to protect US companies with tariffs on foreign imports after taking office on January 20th. This is causing concern in the EU, among others, and could hit German car manufacturers hard, among others.
“America First”
Bessent defends Trump’s “America First” strategy. Just over a week ago, in an opinion piece for the US broadcaster Fox News, the 62-year-old called tariffs “a means of finally standing up for the Americans.” In a radio interview with Trump ally Roger Stone, Bessent explained that Trump wanted free trade, but “we haven’t had fair trade.”
Bessent also advocates tax reform and deregulation. In an opinion piece for the Wall Street Journal, he explained that this was necessary to “restart America’s growth engine” and keep prices under control. The hedge fund manager also wants to restore US dominance in the energy sector.
Bessent is the head of the Key Square Group. To this day, he lives primarily in his home state of South Carolina with his husband and their two children. He attended the elite Yale University and worked for US billionaire George Soros’ investment firm Soros Fund Management before founding his own investment fund in 2000.
Diverse and extensive skills
If Bessent is confirmed as U.S. Treasury secretary, he will oversee a range of areas from federal finance to banking supervision. The finance department’s responsibilities also include monitoring US sanctions and advising the president on economic issues.
U.S. Banking Association chief Rob Nichols said Bessent’s “years of hands-on experience in financial markets will serve him well in leading a department that is critical to the global economy and the nation’s banks.”
According to his interview with Stone, Bessent has known the Trump family for 30 years and was friends with Trump’s brother. He said he was one of the few “Wall Street people” who supported Donald Trump. Being a member of his cabinet means “that you have to do what Donald Trump asks of you.”
“Project 2025”
Almost three weeks after the election, the most important positions in Trump’s future cabinet have now been distributed. On Saturday, he awarded the Agriculture Department, which is also responsible for food security, the country’s forests and the food aid program with around 40 million recipients, to the 52-year-old Rollins. Trump’s former domestic policy adviser founded the America First Policy Institute, dedicated to promoting Trump’s agenda. Several of Trump’s nominees for Cabinet posts have close ties to the organization.
On Friday, Trump announced a few other appointments: Russell Vought will become budget director in the White House, as he did in Trump’s first term (2017-21). He is one of the main authors of the controversial “Project 2025” program for a comprehensive restructuring of the US government apparatus. Congresswoman Lori Chavez-DeRemer is slated to be Secretary of Labor.
Janette Nesheiwat will become the top US doctor as the so-called Surgeon General. The doctor and former MP Dave Weldon is to head the CDC (Centers for Disease Control and Prevention) in the future, and Marty Makary will be head of the Food and Drug Administration (FDA) according to Trump’s wishes. Former football player Scott Turner is set to become Minister of Housing and Urban Development.
All that is needed is the green light from the Senate
The filling of the positions must be confirmed by the Senate. A simple majority of the senators present at the vote is sufficient. Only a few lower-level positions remain open, such as heads of the Small Business Administration and the Science and Technology Administration.
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How does Scott Bessent plan to balance America First policies with international trade relationships?
**Interview with Scott Bessent: President-elect Trump’s Nominee for Treasury Secretary**
**Interviewer:** Thank you for joining us today, Scott. You’ve just been nominated by President-elect Donald Trump as the U.S. Treasury Secretary. Can you share what this nomination means to you personally and professionally?
**Scott Bessent:** Thank you for having me. This nomination is not just an honor; it’s a chance to contribute to America’s economic future at a critical time. I believe that with the right policies, we can usher in a new Golden Age for the United States and strengthen our position as the foremost global economy.
**Interviewer:** You’re known for advocating the “America First” economic policy, which includes support for tariffs on foreign imports. How do you plan to balance these protective measures with the need for international trade?
**Scott Bessent:** My approach is rooted in the belief that while we need to support and protect American businesses, we can also foster fair trade practices. Tariffs, as I’ve stated before, are a necessary tool to finally stand up for American interests. We aim for a system where trade is not just free but fair. It’s crucial to reinvigorate our domestic industries while ensuring we engage responsibly with our global partners.
**Interviewer:** You’ve mentioned the importance of tax reform and deregulation to restart America’s growth engine. Can you elaborate on your vision here?
**Scott Bessent:** Absolutely. Tax reform is essential for encouraging investment and stimulating economic growth. By reducing unnecessary regulations and simplifying our tax structure, we will create a more favorable environment for businesses to thrive, ultimately leading to job creation and stability in pricing. We also need to reestablish our dominance in the energy sector, which plays a vital role in our economic strength.
**Interviewer:** Critics have voiced concerns that your policies could negatively impact international relationships, particularly with the EU. How do you respond to these apprehensions?
**Scott Bessent:** I understand those concerns. However, our priority must be to secure a strong and resilient American economy first. I believe that by strengthening our own economy, we can engage with our international partners from a position of strength. Constructive dialogues will be key in mitigating potential fallout while ensuring that American jobs and industries are prioritized.
**Interviewer:** If confirmed, what will be your immediate focus as Treasury Secretary, especially under the backdrop of existing public debt and economic challenges?
**Scott Bessent:** My immediate focus will be on revitalizing the private sector and addressing the unsustainable trajectory of public debt. We will work on a comprehensive strategy that not only addresses debt reduction but also encourages economic growth through innovative policies. Engaging with stakeholders in the financial markets and seeking their input will be vital in shaping effective fiscal policies.
**Interviewer:** Before we wrap up, how does your personal background inform your approach to this high-stakes role?
**Scott Bessent:** My experiences in the investment world, particularly my years at Soros Fund Management and leading Key Square Group, have taught me the intricacies of global finance and the importance of strategic economic planning. Additionally, my long-standing relationship with the Trump family gives me unique insights into their vision for America. Ultimately, I hope to leverage my diverse skill set to make prudent decisions that benefit our nation as a whole.
**Interviewer:** Thank you for sharing your vision with us today, Scott. We look forward to seeing how your plans unfold in the new administration.
**Scott Bessent:** Thank you for having me. It’s an exciting time, and I’m eager to get to work for America.
