US Senate confirmed Scott Bessent as Treasury secretary of President Donald Trump's administration.In his confirmation hearing, Bessent warned that failure to renew $4 trillion in tax cuts expiring at the end of this year would be a ‘calamity’ for middle-class Americans, and made the case that tariffs would help combat unfair trade practices, increase revenues, and bolster US leverage in international negotiations.The new Treasury Secretary faces significant challenges, including reducing the ‘out-of-control’ government deficit, as he described it, and rebuilding the US economy amid political divisions.
