Donald Trump‘s Treasury Secretary pick Scott Bessent envisions a significant “global economic reordering” and aims to play a role in this transformation.

What Happened: In his first interview since Trump made the announcement, Bessent outlined his policy priorities, focusing on fulfilling tax-cut promises made by Trump. These include making first-term tax reductions permanent and removing taxes on tips, social security benefits, and overtime pay, The Wall Street Journal reported on Monday.

Additionally, Bessent, who will be replacing Janet Yellen after Trump’s induction, plans to implement tariffs and reduce government spending. He emphasized the importance of “maintaining the status of the dollar as the world’s reserve currency.”

Bessent told WSJ that he believes the president-elect’s strategy to extend tax cuts and deregulate parts of the U.S. economy could lead to an “economic lollapalooza.”

He expressed his desire to contribute to this anticipated economic shift, stating, “We are going to have to have some kind of a grand global economic reordering.” Bessent argues he has studied these dynamics and is eager to be involved in shaping the future economic landscape.

See Also: Trump Appears ‘Frustrated’ As Elon Musk Chimes In On Treasury Secretary, Adds More Names To Short List

Why It Matters: The appointment of Bessent as U.S. Treasury Secretary by the President-elect is a strategic move that has drawn significant attention. Bessent, founder of Key Square Group, was selected over other notable candidates like former Fed Governor Kevin Warsh and private equity executive Marc Rowan. Trump praised Bessent as a leading international investor and strategist.

However, not everyone is optimistic about this choice. Economist Peter Schiff criticized the decision, suggesting that Bessent’s role would involve managing substantial national debt. Schiff humorously referred to him as the “Secretary of the Debt” on social media, highlighting concerns about the financial implications of Trump’s tax cut promises.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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