Taxes and tariffs took center stage Thursday at the Senate Finance Committee’s confirmation hearing for President-elect Donald Trump’s intended Treasury secretary nominee, Scott Bessent. Republicans and Democrats sparred over who would benefit most from extending more than $4 trillion in tax cuts enacted during the first Trump administration.

(Reuters) - Scott Bessent, U.S. President-elect Donald Trump's choice to head the Treasury Department, on Thursday said that extending Trump's 2017 tax cuts that are set to expire at the end of this year is "the single most important economic issue of the day."

Scott Bessent, tapped by Donald Trump to be treasury secretary, faced sharp questions from Democrats and Republicans on tax policy, tariffs, China, Russia sanctions and the IRS.