New Delhi

The president-elect has enlisted a trusted advisor to oversee the massive economic reforms he has promised to implement during his second term in office.

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After a lengthy search, during which Trump considered several candidates — and Wall Street CEOs and business leaders vied to influence the selection of the soon-to-be president — Bessent, 62, emerged as the pick.

According to Trump's allies, the president-elect was looking for a candidate who could win over Wall Street and an electorate that was ready for him to impose massive tariffs, accept cryptocurrency, and end illegal immigration.

Bessent beat out other prominent contenders, including Howard Lutnick, who was appointed to head the commerce department. Others in the fray were Marc Rowan, an executive at Apollo Global Management, Bill Hagerty, a senator from Tennessee, and Kevin Warsh, a former governor of the Federal Reserve.

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Trump, in a statement on Friday, after the $28 trillion market for US treasuries was already closed for the week, said, "Scott has long been a strong advocate of the America First agenda." He added, "On the eve of our great country's 250th anniversary, 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."

If confirmed by the Senate, Bessent will join an economic team that will begin to take shape just weeks after Trump wins a second presidential term. Investors and strategists are awaiting more details on Bessent's views on fiscal policy and his next steps.

Wall Street broadly considers Bessent a 'fiscal hawk.' Glen Capelo, Managing Director at Mischler Financial Group, said, "Scott is a fiscal hawk, and he definitely will be positive overall for the economy and the markets.” He added, "he wants to rein in spending. Bessent wants to get the secretary of the treasury back in line with the markets."