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“I am gravely concerned that the rise of tariffs puts us on a slippery slope towards crony capitalism,” the hedge fund billionaire told reporters.

Bessent, 62, is the founder of hedge fund Key Square Capital Management, after having worked on-and-off for Soros Fund Management since 1991. If confirmed by the Senate, he would be the nation’s first openly gay treasury secretary.

Nomination of hedge fund investor follows tumultuous fight for the top US economic post

Hedge fund manager will be responsible for implementing president-elect’s pledges to cut taxes and raise tariffs

Trump Media filed a trademark application for a cryptocurrency wallet called TruthFi.