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.

Trump's promised tax cuts, and their potential consequences for the U.S. economy, took center stage at Bessent's confirmation hearing.