Scott Bessent, a billionaire hedge fund manager who has become a major fundraiser and economic adviser to Trump, appears to be the leading candidate for the role, two sources familiar with the transition told the BBC's US partner CBS News earlier this week.

President Joe Biden is beginning a six-day visit to Peru and Brazil for the final major international summits of his presidency.

The two leaders will meet in Peru, where China has steadily expanded its influence in a challenge to the United States in its own region.