The first openly gay person in the role has the delicate balancing act of cutting taxes and curbing deficits while putting forward a plan on tariffs that doesn’t jeopardize growth.

The U.S. Senate on Monday confirmed Scott Bessent to be President Donald Trump's Treasury secretary, giving the billionaire hedge fund manager a central role in shaping the new administration's policy ambitions around tax cuts and spending and managing economic relationships with allies and adversaries alike.