President-elect Donald Trump continues to round out his administration with key economic appointments. He has chosen billionaire hedge fund manager Scott Bessent as Treasury Secretary, and Howard Lutnick, the CEO of Cantor Fitzgerald, for Commerce Secretary. The picks have sent a signal about Trump’s economic agenda.
Billionaire hedge fund manager Scott Bessent’s appointment is seen as a nod to his 3 percent growth plan, which includes a 3 million barrel increase in oil production and a 333 plan that could lead to faster-than-expected GDP growth. His background has been appealing to markets, who are hoping he can bring stability to the administration.
However, Commerce Secretary Howard Lutnick’s appointment is seen as more volatile. As CEO of Cantor Fitzgerald, which was almost wiped out in 9/11, Lutnick has been known for his outspoken views on tariffs and trade policies. He will likely be at odds with Bessent over trade issues.
The dynamic between these two economic policymakers could lead to a fractious administration, as they may not trust each other. Trump’s stance on tariffs remains unclear, but it is expected that he will implement some form of protectionism if the markets and Congress do not comply. The challenge for Bessent will be managing the deficit if the administration exceeds current projections.
The new team of economic advisors includes Elon Musk and Vivek Ramaswamy, who pledge to reduce spending. However, the success of their proposals in Congress is uncertain, as past commissions have often seen a significant reduction in proposed cuts when they reach the Appropriations Committee.
Source: https://www.pbs.org/newshour/show/what-trumps-economic-appointments-tell-us-about-his-2nd-term-agenda