Donald Trump is struggling to select a Treasury Secretary amid infighting between factions supporting Howard Lutnick and Scott Bessent. The delay has increased the chances of other contenders like Robert Lighthizer and Kevin Warsh. Elon Musk and Robert F. Kennedy Jr. have weighed in, with Musk favoring Lutnick. The decision is crucial as it involves overseeing financial markets, U.S. debt, and economic policy. Other key economic positions remain unfilled as Trump continues to deliberate.
The search for Donald Trump's Treasury Secretary has become chaotic, with candidates vying for support and public endorsements causing tension. Elon Musk, who endorsed Howard Lutnick for the role, spoke with another contender, Scott Bessent, amid the ongoing disarray.
Wall Street is closely watching the battle for Treasury Secretary in Trump's administration, as it may signal whether Trump's aggressive tariff plans will be implemented. While some view his tariff threats as a negotiation tactic, the selection of a Treasury Secretary committed to these tariffs could impact the stock market. Elon Musk's endorsement of Howard Lutnick over Scott Bessent for the role has shifted prediction markets, with Lutnick's odds rising. Higher tariffs could lead to a significant stock selloff, raising concerns among investors.
