President-elect Donald Trump is widening his search to lead the Treasury Department as the fight over who will take on key economic roles comes to the fore.
Investor Scott Bessent appears to be the frontrunner for the role and has visited Mar-a-Lago multiple times in recent weeks, but billionaire Scott Bessent, who has frequently been at Trump's side since Election Day, Mr. Elon Musk isproposed over the weekendHoward Lutnick, director of Cantor Fitzgerald, co-leads President Trump's transition team.
The search has since expanded beyond these two names.
Sources close to the transition told The Hill that President Trump is considering Apollo Global Management co-founder Mark Rowan and former Federal Reserve chief Kevin Warsh to replace him. I admitted it.
The members of Trump's final economic team include extending tax cuts that are set to expire next year and imposing import tariffs, which Trump has made central to his economic pitch to voters, despite concerns from economists. , will be tasked with carrying out key campaign promises.
“I think all of these people would agree on tax cuts and market reassurance,” said one person close to the transition. “But he wants people who truly believe what he thinks about tariffs. And … there's no evidence that these people were tariff supporters 18 months ago or 36 months ago. ”
The race for Treasury secretary was largely unfolding behind the scenes until this weekend, when Musk posted on X that Bessent would be the “business-as-usual” choice.
“Something has to change because business as usual is leading America to bankruptcy,” Musk wrote, urging others to join him.
President Trump has not yet announced appointments to key economic positions, including Secretary of the Treasury, Secretary of Commerce, Chairman of the National Economic Council, and Office of the U.S. Trade Representative.
Sources close to President Trump's orbit said Linda McMahon is the frontrunner to lead the Commerce Department. McMahon previously led the Small Business Administration during President Trump's first term and is co-chairing the transition effort.
Robert Lighthizer, who served as trade representative during President Trump's first term and was a strong advocate of tariffs, has also been named as a candidate for the next administration, but his exact role is not yet clear.
“President-elect Trump is deciding who will serve in his second administration, and these decisions will continue to be announced by him as they become available,” transition spokeswoman Caroline Leavitt said in a statement. said.
On the campaign trail, President Trump vowed to extend the personal tax cuts that were part of the bill he signed in 2017, but are set to expire in 2025. He also said he would promote lowering the corporate tax rate from the previous 21%. It was established by law in 2017.
President Trump also proposed a raft of other tax cuts, including tipped wages, Social Security benefits, overtime pay, and more. His economic team will need to work closely with the Republican majorities in the House and Senate to advance tax cuts.
President Trump has also been promising flat tariffs on all imports for months, a plan that economists say could drive up U.S. commodity prices and increase costs for families. are warning. But President Trump dismissed those concerns, insisting that the tariffs would bring more companies into the U.S. to do business.
President Trump has also said he aims to use tariffs as leverage in negotiations with other countries. Earlier this month, he said he would impose a minimum 25% tariff on all imports from Mexico, the United States' largest trading partner, unless the Mexican government takes steps to curb immigration at its southern border. told his supporters.
