Scott Bessent, a hedge fund veteran, has been nominated by President-elect Donald Trump as Treasury secretary, signaling a moderate approach to economic issues, including the deficit and tariffs. Trump's proposed 60% tariffs on Chinese imports, particularly targeting steel dumping through Mexico, could benefit U.S. steel producers like Nucor, though immediate impacts may be limited. Wall Street anticipates a positive market opening, buoyed by Bessent's nomination, as bond yields decline ahead of significant economic events, including the Federal Reserve's inflation report.
