Bessent was once described as the "protege" of billionaire George Soros, who he worked for over the course of decades.

Bessent, the 62-year-old founder of Key Square Group, has repeatedly backed the president-elect’s pro-tariff stance in a series of op-eds and media appearances over the past year.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement emailed to Newsweek. "Scott is widely respected as one of the World's foremost International Investors and Geopolitical and Economic Strategists. Scott's story is that of the American Dream."