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.

Hedge fund executive Scott Bessent will face a Senate confirmation hearing for Treasury secretary on Thursday, which could make him the first openly gay Cabinet member of a Republican administration.

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.