President-elect Donald Trump on Friday nominated Key Square Capital Management founder and hedge fund manager Scott Bessent as Treasury Secretary.

"Scott has long been a strong advocate of the America First Agenda," Trump said. "Unlike in past Administrations, we will ensure that no Americans will be left behind in the next and Greatest Economic Boom, and Scott will lead that effort for me, and the Great People of the United States of America."

Bessent was an economic policy advisor for the incoming president on his campaign trail. He has also worked as the chief investment officer at Soros Fund Management, which was started by Democratic megadonor George Soros, per CNN.

Steve Mnuchin served as Treasury Secretary during Trump's first term in office.

Bessent has advocated for Trump to pursue policies that would cut taxes, and as secretary would be responsible for steering federal fiscal policies set by Congress and the White House, according to NBC News. He would also be the main go-between of the White House and Federal Reserve, which sets monetary policies.

Another topic Bessent would have to navigate as secretary would be Trump's promise to impose tariffs on China, and other countries. Trump said he would impose 60% tariffs on goods from China if elected back to the White House, and 10% tariffs on goods from other countries.

Bessent has not been explicit on where he stands with tariffs, but indicated he would support a more gradual increase.

Misty Severi is an evening news reporter for Just The News. You can follow her on X for more coverage.