Nov 26, 2024, 2:19 PM
Nov 25, 2024, 12:00 AM

Trump's pick for Treasury Secretary sparks market optimism

Highlights
  • Scott Bessent has been appointed as Treasury Secretary and is viewed as a calming influence.
  • Howard Lutnick, in his role as Secretary of Commerce, supports tariffs, potentially conflicting with Bessent's approach.
  • These appointments suggest a complex dynamic in Trump's economic policies, particularly regarding trade.
Story

In recent months, President-elect Donald Trump has been assembling his Cabinet, making key appointments that signal his economic strategy for his upcoming term. Among his notable selections is billionaire hedge fund manager Scott Bessent, who has been chosen to serve as Treasury Secretary. Bessent is perceived as a stabilizing force amidst a Cabinet known for its volatility. In contrast, Trump has also appointed Howard Lutnick, CEO of Cantor Fitzgerald, as Secretary of Commerce. Lutnick is a proponent of tariffs, particularly on imports from China. This dynamic has raised questions about potential conflicts within Trump's economic team regarding trade policies. Observers believe the interplay between Bessent and Lutnick will be closely watched as Trump's administration takes shape, especially concerning future tariffs and their impact on financial markets.

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