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.

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.