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, 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.

The United States should keep oversight of potential problems in the U.S. bond market, President-elect Donald Trump's Treasury Secretary pick Scott Bessent told Congress on Thursday, referring to Wall Street billionaire Howard Lutnick's plan to clear Treasury futures through a UK firm.