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U.S. Republican presidential candidate Donald Trump holds a copy of the Wall Street Journal while speaking at a Trump for President campaign rally at the Jacksonsville Landing in Jacksonville, Florida.
Trump's treasury tussle: The search for a Wall Street-friendly populist
Donald Trump won the White House on a promise to turn around the US economy. Now, he’s struggling to appoint a lieutenant to tackle the job.
In contrast to his many hasty appointments to the rest of his cabinet, Trump has been hesitant to choose a treasury secretary. His uncertainty stems from his desire to find someone loyal to his populist economic agenda – unlike his first term treasury secretary, Steven Mnuchin, who often opposed him – but who won’t spook tariff-wary Wall Street.
Wait, what does the treasury secretary do? The treasury secretary is the economy’s quarterback, responsible for overseeing the country’s international trade policy. They direct the domestic and global economic agenda, as well as tax and tariff policies.
Who are the contenders? Trump is reportedly considering former Federal Reserve governor Kevin Warsh and Wall Street titan Marc Rowan, who emerged as possible frontrunners after financiers Howard Lutnick and Scott Bessent no longer seemed like obvious choices amid rumors they may have lost a bit of their shine. Trump accused Lutnick, who has been leading his transition operation, of manipulating the process in his favor. Bessent may still be in the running, but after a knife fight with Lutnick last week, Trump has started looking elsewhere.
He is allegedly not considering his former trade adviser Robert Lighthizer, out of fear that his open embrace of tariffs would stall the momentum on Wall Street since his victory – an indication that Trump may sacrifice portions of his tariff plans if it means keeping the financial sector happy. However, Lighthizer may still hold another senior trade or economic role. Trump’s final decision is expected to be made after he meets with the candidates at Mar-a-Lago later this week.
Donald Trump is seen here at a Jets football game next to his campaign manager Susie Wiles, on Oct. 20, 2024. The president-elect has just named Wiles his White House chief of staff.
Who will Trump’s team be?
At last count — yep, they’re still counting ballots from last week’s US election — Republicans looked set for a clean sweep: taking not only the White House and Senate but possibly the House too. With 18 House races yet to be called, the GOP is leading in seven and needs to win just four for a majority.
Attention now turns to the president-elect’s naming of names for the first cabinet of “Trump 2.0.”
Here’s what we know:
Trump has made just one appointment so far: He has named Susie Wiles as the first-ever female White House chief of staff. The 67-year-old veteran Florida political operative ran Trump’s presidential campaign, helping to secure his stunning comeback.
We also know for sure that two people won’t be in Trump’s cabinet: Nikki Haley, who served Trump as UN ambassador but also ran against him in the 2024 primary, and Mike Pompeo, who was Trump’s secretary of state during his first administration.
No other appointees have been made official, so lots of Republicans are jostling for 15 Cabinet positions and various advisory roles.
Names being floated for secretary of state, the US top foreign policy role, include Richard Grenell, former ambassador to Germany and acting DNI director; former national security adviser Robert O’Brien, former Iran envoy Brian Hook, GOP Sen. Bill Hagerty of Tennessee, and Florida Sen. Marco Rubio.
The US Treasury secretary position, which is the top financial position in the US government, is likely to go to one of five men: Robert Lighthizer, the arch-protectionist who helmed the US tariff war with China as Trump 1.0’s US trade representative; billionaire hedge fund managers Scott Bessent and John Paulson; former SEC chair Jay Clayton; and Larry Kudlow, Trump’s former National Economic Council director.
For interior secretary, which oversees management of federal lands, including their use as energy sources, the top names include South Dakota Gov. Kristi Noem, as well as North Dakota’s billionaire Gov. Doug Burgum — both were once considered veep candidates for Trump. Burgum, meanwhile, is also on the shortlist for energy secretary, along with Dan Brouillette, who held the post last time around.
We’ll be keeping an eye on official appointments for these and the other Cabinet positions, as well as for indications of what portfolios go to key supporters like Robert F. Kennedy Jr. — who may be named a White House health and wellness adviser or even become secretary of health and human services – and Elon Musk, who has himself suggested being named to helm a new department focused on government efficiency.