Donald Trump on Friday nominated Scott Bessent to lead the US Treasury, considered to be the president-elect's most consequential economic pick as his pro-tariff agenda comes further into focus.
Mr Bessent, who founded the macro hedge fund Key Square Group in 2015, served as a key economic adviser to Mr Trump during the campaign. In a statement, the president-elect praised him as “one of the world’s foremost international investors and geopolitical and economic strategists”.
“He will help me usher in a new golden age for the United States, as we fortify our position as the world’s leading economy, centre of innovation and entrepreneurialism, destination for capital, while always, and without question, maintaining the US dollar as the reserve currency of the world,” Mr Trump said.
If he is confirmed by the US Senate, Mr Bessent will lead one of the federal government's largest agencies. The Treasury Department oversees the treasuries market, currency policy, is a key bank regulator, implements sanctions and works with the Federal Reserve to provide stability to the US economy.
The head of the agency also oversees the financial stability oversight council and serves as one of the nation's top diplomats to the G7, G20, World Bank, International Monetary Fund and other institutions.
By selecting Mr Bessent, Mr Trump takes another step towards implementing a more protectionist trade agenda when he takes office next year. The president-elect has suggested issuing a 10 to 20 per cent tariff on all imports, as well as a 60 per cent tariffs on imports from China.
Most mainstream economists argue such a policy would reignite inflation, widen the fiscal deficit and hamper growth. A study from the non-partisan Peterson Institute for International Economics projected the tariffs policy would not only be an insufficient means to replace income tax revenue, but also cost the average US household more than $2,600 per year.
Should he be confirmed by the Senate, Mr Bessent's support would be crucial to implementing the tariffs as well as an extension of Mr Trump's tax cuts from his first term.
A former George Soros chief investment officer, Mr Bessent has recently defended Mr Trump's tariff agenda. In a November 15 op-ed published in the right-wing news outlet Fox, Mr Bessent argued tariffs can be a useful tool to help achieve a president's foreign policy objectives.
“Whether it is getting allies to spend more on their own defence, opening foreign markets to US exports, securing co-operation on ending illegal immigration and interdicting fentanyl trafficking, or deterring military aggression, tariffs can play a central role,” he wrote.
Mr Bessent criticised US trade policy in the article, claiming that China's economic growth “has only cemented the hold of a despotic regime” while America's manufacturing base has been wiped out.
“The truth is that other countries have taken advantage of the US’s openness for far too long, because we allowed them to. Tariffs are a means to finally stand up for Americans,” he wrote.
His nomination comes a week after Mr Trump tapped Howard Lutnick – another pro-tariff billionaire – to lead the Commerce Department, which enforces US trade laws.
Mr Bessent beat Apollo Global Management chief executive Marc Rowan and former Federal Reserve governor Kevin Warsh to win the nomination. Mr Warsh has been considered to be a likely successor to Jerome Powell when the Fed chair's term ends in 2026.
UAE currency: the story behind the money in your pockets
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What are the GCSE grade equivalents?
- Grade 9 = above an A*
- Grade 8 = between grades A* and A
- Grade 7 = grade A
- Grade 6 = just above a grade B
- Grade 5 = between grades B and C
- Grade 4 = grade C
- Grade 3 = between grades D and E
- Grade 2 = between grades E and F
- Grade 1 = between grades F and G
The view from The National
More from Neighbourhood Watch:
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
So what is Spicy Chickenjoy?
Just as McDonald’s has the Big Mac, Jollibee has Spicy Chickenjoy – a piece of fried chicken that’s crispy and spicy on the outside and comes with a side of spaghetti, all covered in tomato sauce and topped with sausage slices and ground beef. It sounds like a recipe that a child would come up with, but perhaps that’s the point – a flavourbomb combination of cheap comfort foods. Chickenjoy is Jollibee’s best-selling product in every country in which it has a presence.
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
FA Cup quarter-final draw
The matches will be played across the weekend of 21 and 22 March
Sheffield United v Arsenal
Newcastle v Manchester City
Norwich v Derby/Manchester United
Leicester City v Chelsea