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 Biden is in Peru for the Asia Pacific Economic Cooperation summit with his upcoming meeting with Xi Jinping at the summit generating significant interest. CBS News correspondent Natalie Brand has the latest.

US President Joe Biden and Chinese counterpart Xi Jinping will meet for the last time Saturday, a day after both leaders warned of turbulent times ahead for the world as Donald Trump returns to the White House.