Intense competition! Trump's Treasury Secretary has new candidates

Trump is accelerating the formation of his cabinet team for a possible second term, with particular attention on the choice of Treasury Secretary. However, the competition for this position is quite complex and intense, as Trump continues to expand his list of candidates, making the situation even more unclear. Previously, Trump was mainly weighing between two candidates: hedge fund manager Scott Bessent and Cantor Fitzgerald CEO Howard Lutnick. According to the Financial Times citing informed sources, over the weekend, the list expanded to include former Federal Reserve Governor Kevin Warsh, Apollo Global Management CEO Marc Rowan, Tennessee Senator Bill Hagerty, and former U.S. Trade Representative Robert Lighthizer from the Trump administration. Trump's advisors have clear requirements for the selection of the Treasury Secretary, stating that candidates must show full support for his core economic policies, particularly the tariff plan. Musk Voices Support for Lutnick Analysts point out that the role of Treasury Secretary will be crucial in Trump's second term. Its jurisdiction includes financial markets, U.S. debt issuance, economic national security affairs, tax policy, and the strength of the dollar. This position will play a central role in formulating the 2025 tax reform bill and may also be a key interlocutor in trade negotiations with foreign leaders. During the selection process for Treasury Secretary, Musk also joined the discussion. As an important ally of Trump, Musk publicly expressed support for Lutnick over Bessent. He stated over the weekend on social platform X, “Bessent is just a status quo choice, while Lutnick can truly drive change.” Musk and Lutnick maintain close contact, and the two were spotted together meeting with Trump at Mar-a-Lago. Previously, Lutnick indicated that he had extensive discussions with Musk on ways to cut government spending, and in an interview regarding related plans, he said, “I, Musk, and Trump will figure out a way.” Although Bessent wrote an article in support of the tariff policy in Fox News, calling it “a means to stand up for American interests,” critics argue that his agenda represents an “extremist” stance and is a negotiating tool, indicating that he would take a weak position on this issue. Robert Lighthizer Gains Support from Tariff Think Tank Meanwhile, the call for Lighthizer, who served as U.S. Trade Representative during the first Trump administration, is gradually rising. The think tank supporting tariff policies, the “Coalition for a Prosperous America,” publicly expressed support for Lighthizer on Sunday, calling him “the best candidate to execute Trump’s trade agenda.” The alliance stated: "The next Secretary of the Treasury must be 100% aligned with Trump's tariff policy. Former U.S. Trade Representative Robert Lighthizer is a staunch advocate for the U.S. economy and is the best choice to execute President Trump's trade agenda." Tariff policy has been a key pillar of Trump's economic agenda. He advocates for a universal 20% tariff on all imported goods to drive the return of American manufacturing. The implementation of this policy requires close cooperation between the Secretary of the Treasury and the top trade officials.