Please ensure Javascript is enabled for purposes of website accessibility
Meet Trump's Economic Whisperers
d8a347b41db1ddee634e2d67d08798c102ef09ac
By The New York Times
Published 4 weeks ago on
January 12, 2025

FILE — Howard Lutnick speaks during a rally for former President Donald Trump at Madison Square Garden in New York, Oct. 27, 2024. In assembling his economic team for a second term, Trump has turned to a group of Wall Street executives, economists, lawyers and academics to help carry out his plans to cut taxes, impose tariffs and slash regulations. (Hiroko Masuike/The New York Times)

Share

Getting your Trinity Audio player ready...

President-elect Donald Trump put economic policy at the center of his campaign and, in assembling his economic team, has turned to a group of Wall Street executives, economists, lawyers and academics to help carry out his plans to cut taxes, impose tariffs and slash regulations.

In contrast to his first term, when Trump installed advisers who had disparate views about areas like free trade and tariffs, the men the president-elect has selected this time around have, at least for now, professed to be in sync with his agenda.

Still, it remains to be seen how well his advisers work together and whether those with more traditionally conservative views will be willing to go along with Trump’s unconventional approach to economic policy.

FILE — Scott Bessent, President-elect Donald Trump’s nominee to lead the Treasury Department, at the Capitol to meet with senators in Washington, Dec. 18, 2024. In assembling his economic team for a second term, Trump has turned to a group of Wall Street executives, economists, lawyers and academics to help carry out his plans to cut taxes, impose tariffs and slash regulations. (Kenny Holston/The New York Times)

Scott Bessent

A billionaire hedge fund manager, Scott Bessent made the unlikely career transition from being a donor to Democratic politicians and a top investor for George Soros to becoming Trump’s choice to lead the Treasury Department.

If confirmed, Bessent will bring broad knowledge of financial markets and the international economy to the job. In the 1990s, he gained notoriety by betting against the British pound and earning his firm, Soros Fund Management, $1 billion.

As an adviser to Trump’s campaign, Bessent promoted a 3-3-3 plan that entails increasing growth to 3%, cutting the budget deficit to 3% of gross domestic product and raising U.S. energy production by 3 million barrels of oil per day, or the equivalent in other fuels.

Howard Lutnick

Howard Lutnick acquired a reputation as a cutthroat trader during his decades on Wall Street as CEO of Cantor Fitzgerald, a financial services company that specializes in government bonds. The firm had its offices in the World Trade Center and lost many of its traders in the Sept. 11, 2001, attack, including Lutnick’s brother.

Lutnick landed in the Commerce Department post after the more coveted position at Treasury was given to Bessent. But in a twist, Trump gave Lutnick authority over the Office of the United States Trade Representative, a separate agency that could be key to fulfilling Trump’s trade plans. Like Trump, Lutnick has advocated imposing tariffs to protect U.S. industries from foreign competition.

FILE — Jamieson Greer, President-elect Donald Trump’s nominee to be U.S. Trade Representative, meets with senators on Capitol Hill on Dec. 17, 2024. In assembling his economic team for a second term, Trump has turned to a group of Wall Street executives, economists, lawyers and academics to help carry out his plans to cut taxes, impose tariffs and slash regulations. (Kenny Holston The New York Times)

Jamieson Greer

As Trump’s top trade negotiator, Jamieson Greer will be responsible for facing off with other countries over trade issues. A trade litigator and former lawyer for the Air Force, Greer is the former chief of staff and a disciple of Robert E. Lighthizer, Trump’s trade representative in his first term.

In the first Trump administration, Greer was involved in trade deal negotiations with China, Canada and Mexico.

FILE — Kevin Hassett, chairman of the Council of Economic Advisers, talks to reporters at the White House in Washington, April 15, 2019. In assembling his economic team for a second term, Trump has turned to a group of Wall Street executives, economists, lawyers and academics to help carry out his plans to cut taxes, impose tariffs and slash regulations. (Erin Schaff/The New York Times)

Kevin Hassett

Kevin Hassett will bring a long career of pushing for lower corporate taxes back to the White House. He served as head of the White House Council of Economic Advisers during Trump’s first term and was among many Republicans who insisted that Trump’s tax cuts would pay for themselves.

A longtime adviser to Republicans, Hassett has also counseled several presidential candidates, including Mitt Romney, George W. Bush and John McCain.

During Trump’s first term, Hassett rankled some conservative activists who were unhappy about his views favoring more immigration. He is set to again play an important role in cutting taxes and boosting economic growth for Trump as the director of the National Economic Council.

FILE — Russell Vought, the acting director of the Office of Management and Budget, at the White House on March 11, 2019. In assembling his economic team for a second term, Trump has turned to a group of Wall Street executives, economists, lawyers and academics to help carry out his plans to cut taxes, impose tariffs and slash regulations. (Doug Mills/The New York Times)

Russell Vought

Having served as White House budget director during Trump’s first term, Russell Vought will bring his previous experience to the Office of Management and Budget. The job is central to setting the administration’s spending priorities and determining whether federal agencies are comporting with the president’s policies.

Vought spent the last four years making plans to rework the U.S. government to enhance presidential power. He was a leading figure in Project 2025, the effort by conservative organizations to build a governing blueprint for Trump that included rolling back many federal regulations and overhauling the regulatory process.

Stephen Miran

Trump turned to the ranks of his first-term Treasury Department to find a new top economist. Stephen Miran was a senior adviser for economic policy at the Treasury Department during Trump’s first term, a role that included advising on fiscal support during the coronavirus pandemic.

Now a senior strategist at Hudson Bay Capital Management, a hedge fund, Miran has expressed strong support for Trump’s stepped-up threats of tariffs and said the president-elect had a mandate to “restructure the global trading system to make it more fair for Americans.” Miran holds a doctorate in economics from Harvard University.

FILE — Peter Navarro, former trade adviser to former President Donald Trump, speaks outside of the White House in Washington, Oct. 30, 2020. In assembling his economic team for a second term, Trump has turned to a group of Wall Street executives, economists, lawyers and academics to help carry out his plans to cut taxes, impose tariffs and slash regulations. (Anna Moneymaker/The New York Times)

Peter Navarro

By tapping Peter Navarro to be his senior counselor for trade and manufacturing, Trump has ensured there will be a staunch China hawk and true believer in tariffs in White House debates about the economy.

Navarro was a trade adviser during Trump’s first term, but he also assumed other responsibilities, including efforts to crack down on counterfeit goods sold online and to streamline the distribution of health equipment during the pandemic.

A Harvard-educated economist, Navarro proved to be one of Trump’s most loyal aides and served four months in prison last year after refusing to cooperate with a congressional inquiry into the Jan. 6, 2021, riot at the Capitol.

Michael Faulkender

Trump went with another Treasury Department veteran from his first term in selecting Michael Faulkender to be deputy Treasury secretary.

During his first stint, Faulkender served as assistant secretary for economic policy, playing a leading role in negotiating the $2 trillion pandemic relief program known as the CARES Act and helping to oversee the Paycheck Protection Program, which helped small businesses stay afloat during the pandemic.

Faulkender is a finance professor at the University of Maryland’s Robert H. Smith School of Business, were he has served as an associate dean.

This article originally appeared in The New York Times.

By Alan Rappeport, Ana Swanson and Andrew Duehren/Hiroko Masuike
c.2025 The New York Times Company

RELATED TOPICS:

DON'T MISS

Martin, Pardoned for Jan. 6, Sent to Lompoc Prison on Gun Charge Conviction

DON'T MISS

Spring Training Preview: Dodgers Are Favored to Be MLB’s First Repeat Champion

DON'T MISS

With Immigrant Backgrounds, Vang, Leon Barraza Seek Fresno Council Seat

DON'T MISS

Justice Department Won’t Release Names of FBI Agents Who Worked on Jan. 6 Riot Cases

DON'T MISS

Aliens, Sloths and Silliness: Super Bowl Ads Offer Laughs, Celebs and Surprises to Win Over Viewers

DON'T MISS

Mother Pleads for Britain’s Help in Freeing Son From Egyptian Prison

DON'T MISS

Clean Energy Interests Shift Focus to Money and Jobs

DON'T MISS

Russia Claims Capture of Eastern Ukraine Town; Kyiv Officials Silent

DON'T MISS

Search Underway Along Alaska’s Western Coast for Plane Carrying 10 People

DON'T MISS

Stock Market Today: Wall Street Slips as Consumers Worry About Inflation

UP NEXT

Spring Training Preview: Dodgers Are Favored to Be MLB’s First Repeat Champion

UP NEXT

With Immigrant Backgrounds, Vang, Leon Barraza Seek Fresno Council Seat

UP NEXT

Justice Department Won’t Release Names of FBI Agents Who Worked on Jan. 6 Riot Cases

UP NEXT

Aliens, Sloths and Silliness: Super Bowl Ads Offer Laughs, Celebs and Surprises to Win Over Viewers

UP NEXT

Mother Pleads for Britain’s Help in Freeing Son From Egyptian Prison

UP NEXT

Clean Energy Interests Shift Focus to Money and Jobs

UP NEXT

Russia Claims Capture of Eastern Ukraine Town; Kyiv Officials Silent

UP NEXT

Search Underway Along Alaska’s Western Coast for Plane Carrying 10 People

UP NEXT

Stock Market Today: Wall Street Slips as Consumers Worry About Inflation

UP NEXT

What Is the International Criminal Court and How Will Trump’s Sanctions Impact It?

Justice Department Won’t Release Names of FBI Agents Who Worked on Jan. 6 Riot Cases

1 hour ago

Aliens, Sloths and Silliness: Super Bowl Ads Offer Laughs, Celebs and Surprises to Win Over Viewers

1 hour ago

Mother Pleads for Britain’s Help in Freeing Son From Egyptian Prison

1 hour ago

Clean Energy Interests Shift Focus to Money and Jobs

1 hour ago

Russia Claims Capture of Eastern Ukraine Town; Kyiv Officials Silent

1 hour ago

Search Underway Along Alaska’s Western Coast for Plane Carrying 10 People

2 hours ago

Stock Market Today: Wall Street Slips as Consumers Worry About Inflation

2 hours ago

What Is the International Criminal Court and How Will Trump’s Sanctions Impact It?

2 hours ago

The Slash-and-Burn Tactics Musk Brings to Washington Often Backfired at Twitter

2 hours ago

Live Poultry Markets Ordered Shut in New York City Due to Avian Flu Outbreak

2 hours ago

Martin, Pardoned for Jan. 6, Sent to Lompoc Prison on Gun Charge Conviction

Federal authorities transferred Benjamin Martin to a prison early Friday morning in Lompoc to start serving 38 months for gun-related charge...

2 minutes ago

2 minutes ago

Martin, Pardoned for Jan. 6, Sent to Lompoc Prison on Gun Charge Conviction

New Los Angeles Dodgers pitcher Roki Sasaki poses during a a baseball news conference at Dodger Stadium Wednesday, Jan. 22, 2025 in Los Angeles. (AP File)
6 minutes ago

Spring Training Preview: Dodgers Are Favored to Be MLB’s First Repeat Champion

34 minutes ago

With Immigrant Backgrounds, Vang, Leon Barraza Seek Fresno Council Seat

1 hour ago

Justice Department Won’t Release Names of FBI Agents Who Worked on Jan. 6 Riot Cases

1 hour ago

Aliens, Sloths and Silliness: Super Bowl Ads Offer Laughs, Celebs and Surprises to Win Over Viewers

1 hour ago

Mother Pleads for Britain’s Help in Freeing Son From Egyptian Prison

1 hour ago

Clean Energy Interests Shift Focus to Money and Jobs

1 hour ago

Russia Claims Capture of Eastern Ukraine Town; Kyiv Officials Silent

Help continue the work that gets you the news that matters most.

Search

Send this to a friend