"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement emailed to Newsweek. "Scott is widely respected as one of the World's foremost International Investors and Geopolitical and Economic Strategists. Scott's story is that of the American Dream."

The Dow Jones Industrial Average jumped nearly 400 points on Monday after President-elect Donald Trump’s pick for Treasury secretary, Scott Bessent, laid out his priorities – including tax cuts.