Donald Trump has nominated Scott Bessent to lead the US Treasury Department, a post with wide oversight of tax policy, public debt, international finance and sanctions. 

The selection ends what has proven to be one of the more protracted decisions for the president-elect as he assembles his team for a second term.

Bessent, a Wall Street financier who once worked for George Soros, was an early backer of Trump's 2024 bid and would bring a relatively conventional resume to the role.

On the campaign trail, he told voters that Trump would usher in a "new golden age with de-regulation, low-cost energy, [and] low taxes".

"Scott is widely respected as one of the World’s foremost International Investors and Geopolitical and Economic Strategists," Trump said in his announcement which was posted to Truth Social on Friday.

"[He] has long been a strong advocate of the America First Agenda," he said, adding that Bessent would "support my Policies that will drive US Competitiveness, and stop unfair Trade imbalances."

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If Bessent's nomination is confirmed by the Senate, he would almost immediately be plunged into the fight in Washington over extending the tax cuts from Trump's first term.

Trump has also called for controversial changes to trade policy, proposing sweeping tariffs on all goods coming into the country.

Such ideas have been met with alarm in traditional economic and corporate circles. 

In an interview with Fox News shortly before the election, Bessent said ensuring the tax cuts do not expire as planned at the end of next year would be his top priority, if he ended up in the administration.

"If it doesn’t happen, this will be the largest tax increase in US history," he warned.

For other posts, Trump has been willing to back candidates with minimal experience in favour of loyalty and apparent conviction in his pledges.

But he has appeared more hesitant to buck convention at the Treasury Department, which serves as a key liaison between the White House and Wall Street and has critical functions that include collecting taxes, supervising banks, wielding sanctions and handling US government debt.

https://www.bbc.com/news/articles/cj3mv6l1ypyo

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