Donald Trump has chosen Scott Bessent to head the US Treasury Department, a key position in the government that oversees tax policy, national debt, international finance, and sanctions.

This choice marks the conclusion of a lengthy decision-making process for the president-elect as he forms his team for a second term.

Bessent, financier from Wall Street who has previously worked with George Soros, was an early supporter of Trump's 2024 campaign and offers a fairly traditional background for the job.

His nomination on Friday evening sparked a series of announcements regarding cabinet picks and White House appointments, bringing Trump's inner circle closer to completion ahead of his inauguration in January.

Scott is highly regarded as one of the leading international investors and strategic thinkers in geopolitics and economics. Bessent has openly expressed his desire to continue the tax cuts implemented during Trump's first term.

 He has also defended the use of import tariffs, which is a contentious aspect of Trump's campaign platform, referring to them as a "valuable negotiating tool." While campaigning, Bessent told voters that Trump would lead the country into a "new golden age characterized by deregulation, affordable energy, and lower taxes."

On the same day, Trump nominated Republican Congresswoman Lori Chavez-DeRemer for the position of US Labor Secretary, stating she would contribute to "raising wages and enhancing working conditions and reviving our manufacturing jobs.

 The 56-year-old representative from Oregon received strong support from labor unions but narrowly lost her re-election bid earlier this month, so her nomination will not impact the Republican majority in the House in January.

Shortly after, Trump announced Scott Turner as his choice to lead the Department of Housing and Urban Development. Turner, a former NFL player and motivational speaker, has previously served in the Texas House of Representatives.