Trump has vowed to impose massive new tariffs, eyeing a duty of 10% to 20% on all foreign goods and 60% or higher on goods coming from China. On the campaign trail, he also made threats of even-higher rates on specific countries and products.

Strategists regard hedge fund manager Scott Bessent, the founder of Connecticut-based investment firm Key Square Group, as a "safe pair of hands."

Shares climbed in Asia on Monday, tracking last week’s gains on Wall Street, and analysts said investors were viewing President-elect Donald Trump’s choice of billionaire investor Scott Bessent as his nominee for Treasury secretary as a relatively market-friendly choice.

Scott Bessent, a billionaire hedge fund manager who has helped fundraise for Donald Trump, is the president-elect's choice to lead the Treasury Department.

Shares climbed in Europe and Asia on Monday, tracking last week’s gains on Wall Street, and analysts said investors were viewing President-elect Donald Trump’s choice of billionaire investor Scott Bessent as his nominee for Treasury secretary as a relatively market-friendly choice.

Bessent, founder and CEO of hedge fund Key Square Group, served as an economic adviser to the Trump campaign, often appearing on financial talk shows to argue in favor of the president-elect's economic policies.