Some of President-elect Donald Trump’s cabinet picks are facing hurdle after hurdle on the road to confirmation but not those on his economic team (at least so far).
One early example is Scott Bessent, Trump’s pick for the Treasury Department, who began to make his rounds to Senate offices this past week to almost no fanfare.
“Scott Bessent and I had an excellent discussion today about reigniting America’s economy,” posted Sen. John Barrasso, the Wyoming Republican and the No. 2 Senate leader, after his sit-down.
Scott Bessent, President-elect Donald Trump’s choice to be Treasury secretary, arrives for a meeting with Sen. John Barrasso of Wyoming on Capitol Hill on Dec. 4. (Andrew Harnik/Getty Images) ·Andrew Harnik via Getty Images
Another economic pick, Paul Atkins, is already showing signs of getting Democratic support to chair the Securities and Exchange Commission (SEC).
“Atkins could very well be a good SEC head,” said Democratic New York Senator Kirsten Gillibrand in a Yahoo Finance appearance.
The contrast with some of Trump’s other picks couldn’t be more stark.
Pete Hegseth, Trump’s pick for the Defense Department, has faced (and denied) a series of damning allegations and was mobbed by reporters outside his meetings this week.
Hegseth’s goal at the moment — very much unlike Bessent and Atkins and others — is to simply hold together Republican support for his besieged nomination. Democratic votes appear to be out of the question.
Pete Hegseth, President-elect Donald Trump’s nominee to be Secretary of Defense, speaks to a crush of reporters in between Capitol Hill meeting with Senators to discuss his nomination. (Kevin Dietsch/Getty Images) ·Kevin Dietsch via Getty Images
But just because things are going according to script for Trump’s economic advisers doesn’t mean the incoming team is unified.
In fact, a drama-free 2024 could simply delay clarity for Wall Street and markets on some key economic debates set to define the early stages of Trumponomics 2.0.
The key (perhaps delayed) question will be how aggressive Trump will actually be toward China.
Many of Trump’s choices appear set to bring hard-line perspectives on the world’s second-largest economy.
That includes not just economic figures but also some of Trump’s national security picks, with Mills also mentioning another pick that appears to be on cruise control in the Senate: Marco Rubio for Secretary of State.
Bessent is expected to be a somewhat moderating voice on tariffs and has expressed a desire for duties to be implemented in a targeted manner.
But he has also said that a main target for him is China.
“The U.S. opened its markets to the world, but China’s resulting economic growth has only cemented the hold of a despotic regime,” Bessent wrote in a recent Fox op-ed. “Tariffs are a means to finally stand up for Americans.”
The former (and now future) Trump White House adviser Peter Navarro spoke at the Republican National Convention in July just days after being released from prison. He served for 4 months for his refusal to cooperate with a congressional investigation into the events of Jan. 6. (Melina Mara/The Washington Post via Getty Images) ·The Washington Post via Getty Images
The trend toward a team of China hawks circling around Trump was also cemented this week when Trump announced that Peter Navarro would rejoin his administration as a senior counselor for trade.
Policy signals from Trump’s incoming team around other issues like taxes could also take time to be fully known if the nominees can play it safe with senators in the weeks ahead.
A drama-free confirmation process could also delay answers on exactly who has Trump’s ear.
Trade and tariffs are key examples, with Trump announcing that Howard Lutnick, his Commerce Department pick, would “lead our tariff and trade agenda” while also picking a variety of figures who could also be influential on trade.
Jamieson Greer will pick up the reins as US trade representative. David Perdue is Trump’s pick for ambassador to China. And Bessent is sure to have input from his Treasury perch.
Perhaps the most questions swirl around Navarro, who has long boasted a close connection to Trump and will again be working inside the White House with easier access to the president.
David Sacks, center, is seen on the first day of Republican National Convention in Milwaukee in July. (Tom Williams/CQ-Roll Call, Inc via Getty Images) ·Tom Williams via Getty Images
Lines of authority are equally blurry in other areas.
On technology issues, Trump announced David Sacks this week as his “AI and crypto czar,” but the venture capitalist’s firm told the New York Times it would not be a full-time position and Sacks wouldn’t leave his position atop his venture capital fund to take it on.
It immediately raised questions about whether Sacks or figures like Atkins at the Securities and Exchange Commission would end up being the primary driver of things like crypto policy.
But those might be questions for 2025, with many of Trump’s economic picks, at least the ones who will be forced to face the Senate, quickly racking up GOP support and eyeing Democratic moderates.
One of Trump’s most outspoken Capitol Hill critics on economic issues, Sen. Elizabeth Warren of Massachusetts, has offered critiques of figures like Bessent and Atkins, but she notably hasn’t yet pledged to oppose either of them.
Ben Werschkul is Washington correspondent for Yahoo Finance.
Every Friday, Yahoo Finance’s Rachelle Akuffo, Rick Newman, and Ben Werschkul bring you a unique look at how U.S. policy and government affects your bottom line on Capitol Gains. Watch or listen to Capitol Gains on Apple Podcasts, Spotify, or wherever you find your favorite podcasts.
