Trump’s pick for US Treasury secretary is Scott Bessent, hedge fund manager: reports

US president-elect Donald Trump will nominate Scott Bessent, a hedge fund manager, to be the country’s next Treasury secretary, a key player in carrying out what is expected to be a tough economic agenda against China, according to US media reports.

While most incoming administrations customarily do not announce their cabinet nominees until later in the 10-week transition period, Trump has been naming his at a much faster pace, with a string of selections for other leading positions in the two weeks since he won the election.

Those have included Senator Marco Rubio for secretary of state and Fox News commentator Peter Hegseth for defence secretary, both pronounced China hawks.

Indeed, the pick for Treasury is a relatively late naming. Trump nominated Howard Lutnick, the long-time chief executive of the Cantor Fitzgerald investment back for commerce secretary on Tuesday.

Lutnick, who is also running Trump’s transition team, has referred to the early 1900s as a prosperous period for the US, when “there was no income tax and only tariffs”.

Trump reportedly took a longer time to decide on the treasury secretary because he was seeking a candidate who would be loyal to him and his pro-tariff agenda, as well as be welcomed by Wall Street.