In his first interview since being nominated by President-elect Donald Trump to be US Treasury secretary, Scott Bescent said his policy focus would be on delivering on Trump's tax cuts, according to the Wall Street Journal. These include making his first-term tax cuts permanent and eliminating taxes on tips, social security benefits and overtime pay. Bescent said tariffs and spending cuts, as well as "maintaining the dollar's status as the world's reserve currency" would be priorities. Bescent, one of Trump's closest advisers, added depth to Trump's economic proposals and defended his more ambitious trade policy plans, the report said. He believes President-elect Donald Trump's plans to extend tax cuts and deregulate parts of the US economy will create an "economic orgy".