Trumps pick to lead the Treasury Department backs tariffs and extended tax cuts during confirmation hearing [Video]

WASHINGTON (Gray DC) – South Carolina billionaire investor and hedge fund manager Scott Bessent faced questioning on Capitol Hill Thursday during a Senate confirmation for the role of treasury secretary in the new Trump administration.

Bessent, who was nominated by President-elect Donald Trump back in November, was asked about government spending, taxes, Russian oil sanctions, tariffs and more.

“Today, I believe that President Trump has a generational opportunity to unleash a new economic golden age that will create more jobs, wealth, and prosperity for all Americans,” said Bessent during his opening statement, before the Senate Finance Committee.

He defended the president-elect’s plans to use tariffs on foreign goods, which Trump has proposed to protect U.S. jobs and manufacturing.

Democrats at the hearing said that the tariffs would result in higher prices for American consumers, a concern that many economists have raised. But Bessent argued against that.

“All through the campaign, …