President-elect Trump selected billionaire investor Scott Bessent to lead the Treasury Department on Friday as the former president continues to call for an increase in tariffs and major shifts in the country’s global trade operations.

Bessent raked in profits as the founder of hedge fund Key Square Group, and he helped finance Trump’s second campaign after decades of supporting Democratic presidential candidates.

“As a lifelong Champion of Main Street America and American Industry, Scott will support my Policies that will drive U.S. Competitiveness, and stop unfair Trade imbalances, work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance,” Trump wrote in his announcement.

Democrat turned Trump supporter
Bessent has ties to the Democratic Party and donated to the presidential campaigns of Barack Obama, Hillary Clinton and Al Gore, who he hosted a fundraiser for in the 2000s.... Read More: The Hill