Scott Bessent, for economy Trump chooses hedge fund minister

With the appointment of Scott Bessent as Treasury Secretary, Donald Trump has completed his team of loyalists in government. Like the other ministers already chosen - amid much controversy - Bessent has long been a trusted advisor to the president-elect, a man of proven devotion to America First, the doctrine of the populist right that triumphed in the 5 November elections. He vigorously defended Trump's tariff announcements, even against the evidence and against a host of Nobel Prize-winning economists. And he won over the tycoon by launching a lethal attack on Kamala Harris on the campaign trail: 'She is an economic illiterate. If she ever wins, the stock market will crash,' he had said three days before the vote. While Bessent's steadfastness in defending the right-wing populist agenda, including on taxes, has made Trump gradually forget about his past alongside George Soros, a hated supporter of the Democrats.

Bessent thus adds to his loyalty to the boss and enthusiasm for the cause of America first, a professional history that guarantees him respect on Wall Street: an xfactor that Trump always considered indispensable in the auditions to choose the economy minister organised at Mar-a-Lago, in his Florida residence, amidst the balls and sequins of the new American power.

In short, it was not enough to mark a further break with the past, nor was the new policy of Marco Rubio, who has been nominated as Secretary of State, or even the outlandish thesis of the no-vax Robert Kennedy Junior for Health. It made no sense for the Treasury to bet on a Fox News face like Pete Hegseth who will go to Defence, nor on overly aggressive figures like Tom Homan, the border czar, or Howard Lutnick, chosen as Secretary of Commerce. To manage the US economy - fiscal policies, the federal debt, rules for finance, international sanctions (including on Russia), energy policies, economic diplomacy - a minister capable of speaking to large American corporations and the financial markets was needed.

"Scott has long been a big supporter of the America First agenda, he will help me usher in a new golden age for the United States as we strengthen our position as the world's most important economy," Trump said in the post on Truth Social that announced the nomination, which - unlike others - should have no trouble getting the necessary approval from the Senate. For Trump, the new minister will also be instrumental in 'restoring strength to private businesses and curbing the unsustainable path of the federal debt'.

As Treasury Secretary he will also be the point of contact between the administration and the Federal Reserve. He will have to deal with Jerome Powell who is intent on holding on to the head of the US central bank until the end of his term in 2026. "But anyway," Bessent said flatly, "nobody is going to give a damn about what Jerome Powell has to say.