Washington | In the heat of the 2000 presidential campaign, then-vice president Al Gore took a break from barnstorming battleground states to attend a fundraiser for the Democratic National Committee in East Hampton, New York. Standing behind Mr Gore onstage was Scott Bessent, a hedge fund manager and – at the time – a major donor to Democrats, who co-hosted the event at his home.

On the weekend, Mr Bessent was tapped by Donald Trump to be his Treasury secretary. Having won the trust of Trump and his inner circle, Mr Bessent would lead a Republican economic agenda of cutting taxes, culling federal regulations and enacting sweeping tariffs.