President-elect Trump on Friday named billionaire investor Scott Bessent to be his Treasury secretary. Bessent would be the key leader of the president-elect’s economic team, which will be tasked with imposing an aggressive tariff regime meant to shake up global trade while keeping financial markets calm amid the disruption.

The hedge fund investor predicted last year that President-elect Donald J. Trump’s political fortunes were on the rise.

Bessent spent his career in finance and gives Wall Street an advocate for tax reform and deregulation. Some call his nomination a 'relief' and say it could reduce the chance of severe tariffs.