Scott Bessent

Bessent’s sprawling remit at Treasury would include overseeing public financing and the Internal Revenue Service.

The carry trade unwind over the summer erased about US$6.4 trillion from global stock markets in just three weeks, and the Nikkei 225 suffered its biggest rout since 1987.

Trump’s Treasury Secretary pick is a career fund manager who once headed iconic hedge fund manager George Soros’ family office.

US President-elect Donald Trump’s pick of Scott Bessent as Treasury secretary may give Beijing room to negotiate with the US over their trade tensions, in part due to his moderate stance on tariffs.

Bessent beat out other prominent contenders including Apollo Global Management Inc. executive Marc Rowan, former Federal Reserve Governor Kevin Warsh and Tennessee Senator Bill Hagerty.