Scott Bessent, President-elect Donald Trump's choice to be Secretary of the Treasury, appears before the Senate Finance Committee for his confirmation hearing, at the Capitol on Thursday, Jan. 16, 2025, in Washington.

WASHINGTON—Tariffs, tax policy and budget deficits look likely to dominate Thursday’s confirmation hearing for Scott Bessent, the fund manager picked by President-elect Donald Trump to run the Treasury Department.

Scott Bessent, Donald Trump's nominee for Treasury Secretary, said during a confirmation hearing Thursday that he is "perplexed" that the Biden administration did not impose more sanctions and tariffs on Russia's economy.