Please ensure Javascript is enabled for purposes of website accessibility
Meet Trump's Economic Whisperers
d8a347b41db1ddee634e2d67d08798c102ef09ac
By The New York Times
Published 3 months 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

What Are Fresno Real Estate Experts Predicting for 2025 and Beyond?

DON'T MISS

First California EV Mandates Hit Automakers This Year. Most Are Not Even Close

DON'T MISS

California Proposes Allowing Testing of Self-Driving Heavy-Duty Trucks

DON'T MISS

Higher Taxes on Millionaires? Trump Says He’s Open, but Many in His Party Are Not

DON'T MISS

Ex-US Rep. George Santos Sentenced to Over 7 Years in Prison for Fraud and Identity Theft

DON'T MISS

Selma Mayor Charged With Electioneering Violation on Election Day

DON'T MISS

Fresno Air Improves. Where Does It Rank in the US?

DON'T MISS

As Harris Ponders Run for CA Governor, Is She Prepared for the Daunting Job?

DON'T MISS

Stocks Rise With Tech-Related Shares, Notch Weekly Gains; Dollar Up

DON'T MISS

Conflicting US-China Talks Statements Add to Global Trade Confusion

DON'T MISS

Driving Near the Fresno Airport Next Week? Plan for Road Closures

DON'T MISS

Misty Her: Push for Fresno Unified Turnaround Starts Now With ‘Boots on the Ground’

UP NEXT

Higher Taxes on Millionaires? Trump Says He’s Open, but Many in His Party Are Not

UP NEXT

Ex-US Rep. George Santos Sentenced to Over 7 Years in Prison for Fraud and Identity Theft

UP NEXT

Selma Mayor Charged With Electioneering Violation on Election Day

UP NEXT

Fresno Air Improves. Where Does It Rank in the US?

UP NEXT

Stocks Rise With Tech-Related Shares, Notch Weekly Gains; Dollar Up

UP NEXT

Conflicting US-China Talks Statements Add to Global Trade Confusion

UP NEXT

Driving Near the Fresno Airport Next Week? Plan for Road Closures

UP NEXT

Misty Her: Push for Fresno Unified Turnaround Starts Now With ‘Boots on the Ground’

UP NEXT

Fresno Police Arrest 17 in Domestic Violence Crackdown

UP NEXT

What’s Next for Fresno Smoke Shop Ordinance: Lawsuit, Veto, Override?

Selma Mayor Charged With Electioneering Violation on Election Day

3 hours ago

Fresno Air Improves. Where Does It Rank in the US?

3 hours ago

As Harris Ponders Run for CA Governor, Is She Prepared for the Daunting Job?

4 hours ago

Stocks Rise With Tech-Related Shares, Notch Weekly Gains; Dollar Up

4 hours ago

Conflicting US-China Talks Statements Add to Global Trade Confusion

4 hours ago

Driving Near the Fresno Airport Next Week? Plan for Road Closures

5 hours ago

Misty Her: Push for Fresno Unified Turnaround Starts Now With ‘Boots on the Ground’

5 hours ago

Fresno Police Arrest 17 in Domestic Violence Crackdown

5 hours ago

What’s Next for Fresno Smoke Shop Ordinance: Lawsuit, Veto, Override?

6 hours ago

Visalia Man Sentenced to Life in Prison for 2019 Fatal Stabbing

7 hours ago

California Proposes Allowing Testing of Self-Driving Heavy-Duty Trucks

LOS ANGELES — California regulators have released a new proposal to allow the testing of self-driving heavy duty trucks on public roads. The...

2 hours ago

2 hours ago

California Proposes Allowing Testing of Self-Driving Heavy-Duty Trucks

3 hours ago

Higher Taxes on Millionaires? Trump Says He’s Open, but Many in His Party Are Not

3 hours ago

Ex-US Rep. George Santos Sentenced to Over 7 Years in Prison for Fraud and Identity Theft

Selma Mayor Scott Robertson (left) has been charged with misdemeanor electioneering for allegedly campaigning near voters at a polling place during the November 2024 election. (Facebook)
3 hours ago

Selma Mayor Charged With Electioneering Violation on Election Day

3 hours ago

Fresno Air Improves. Where Does It Rank in the US?

4 hours ago

As Harris Ponders Run for CA Governor, Is She Prepared for the Daunting Job?

4 hours ago

Stocks Rise With Tech-Related Shares, Notch Weekly Gains; Dollar Up

A drone view shows containers at the terminals at the port in Kwai Chung in Hong Kong, China, April 3, 2025. (REUTERS/Tyrone Siu/File Photo)
4 hours ago

Conflicting US-China Talks Statements Add to Global Trade Confusion

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

Search

Send this to a friend