By choosing fewer billionaire ministers, will Trump be less 'harsh' on taxes and energy?

A key question on many people's minds is how the trade war with China will unfold during Trump's second term. The latest signals suggest it may not be as intense as Trump has claimed.

US President-elect Donald Trump has finalized his new cabinet list (2025-2029), with many surprises compared to his previous term (2017-2021), as the number of billionaires serving as cabinet ministers is significantly lower. However, billionaire investor Scott Bessent is still the Treasury Secretary, cryptocurrency enthusiast Howard Lutnick is the Commerce Secretary, and the world's richest man, Elon Musk, is the "minister" of the Department of Government Effectiveness (DOGE), even though he is not salaried and DOGE is not part of the cabinet.

Selecting billionaires for a crucial mission.

On November 22, Donald Trump posted a statement on Truth Social (a social media platform he founded) announcing his selection of billionaire investor Scott Bessent as the new US Treasury Secretary for his administration.

Scott Bessent is not yet on either Bloomberg's or Forbes' list of US dollar billionaires, but he is widely recognized by international media as a US dollar billionaire. Bessent was formerly an investment director for billionaire George Soros's fund, involved in many notable deals.

According to Bloomberg, Bessent earned approximately $10 billion in profits for financial tycoon Soros. Among his major bets was one on the British pound and the Japanese yen, yielding billions of dollars in profit per trade. Bessent later founded the Key Square Group hedge fund.

Scott Bessent believes that Trump is ushering in "a golden era" for America in terms of deregulation to access cheaper energy and lower taxes. Bessent also considers tax cuts a top priority.

President Trump has chosen billionaire investor Scott Bessent as the new US Treasury Secretary in his administration. (Photo: Investopia)

But perhaps the most prominent figure is Elon Musk. Although not officially a cabinet member, the Tesla CEO is still considered a "minister."

Elon Musk is the richest billionaire on the planet, with a net worth of $334 billion as of November 25th. His wealth reached a record high on November 22nd, nearing $350 billion, thanks to a surge of over 40% in Tesla stock prices following the US presidential election.

This tech billionaire has spent approximately $200 million to help the former president return to the White House.

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Trump also chose Doug Burgum, a former software entrepreneur, as Secretary of the Interior. If confirmed, Burgum would oversee an agency responsible for managing and preserving federal land and natural resources.

Chris Wright, founder and CEO of Liberty Energy, was chosen as Secretary of Energy. Howard Lutnick, CEO of Cantor Fitzgerald, was chosen to lead the Department of Commerce. Howard Lutnick is a billionaire and holds the view that Bitcoin should be traded like gold…

Trump himself is a billionaire, with a net worth of $5.6 billion as of November 25th.

US President-elect Donald Trump has finalized his new cabinet list and is awaiting Senate confirmation. Photo: NBC

What signal is there from the new cabinet?

It's clear that in his second term, Trump had a more diverse range of choices for his cabinet.

During his previous term, Trump assembled the wealthiest cabinet in American history by appointing numerous billionaires and millionaires to his government . At that time, Trump himself had an estimated net worth of $3.7 billion.

Education Secretary Betsy Devos had assets exceeding $5 billion. Then-Secretary of Commerce Wilbur Ross had assets of $2.5 billion. Ross's deputy, Todd Ricketts, had $1.7 billion… At one point, the total assets of Trump's cabinet reached tens of billions of dollars.

The list of cabinet members this time includes three television presenters, a former football player, four billionaires… And these are all figures who strongly support many of Trump's policies, from cutting domestic taxes, increasing import tariffs, a tough stance on China, and immigration issues…

Overall, it can be seen that Trump's choices are geared towards streamlining, improving efficiency, and reducing the costs of the American government. That is Elon Musk's role.

It also involves efforts to cut taxes for domestic citizens and businesses, aiming for lower energy costs and cheaper prices. Scott Bessent (62 years old) is expected to be the person who will achieve this. Mr. Bessent has always supported tax reform and deregulation, and wants to produce more energy…

Trump also wants to elevate the status of the US dollar and its role as the world's financial center, by embracing change and new ideas. Howard Lutnick has an estimated net worth of $1.5 billion and is a supporter of cryptocurrencies in general and Tether in particular.

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Essentially, Trump wants to remove obstacles to unleash productive forces and boost the American economy; he wants to block cheap goods (including from China) to protect domestic businesses, but at the same time seeks to curb inflation by reducing energy costs. Trump also wants to end wars and the costs of war, primarily to reduce American spending…

However, a major concern is how the trade war with China will unfold during Trump's second term. The latest signals suggest it may not be as intense as Trump has claimed.

Trump's choice of billionaire Scott Bessent as US Treasury Secretary, instead of Howard Lutnick, illustrates this. Bessent was the first openly gay secretary in the Trump administration and prioritized domestic tax cuts, spending reductions, and maintaining the strength of the US dollar.

Many experts believe that Donald Trump's choice of Bessent (instead of Lutnick) signals a more measured use of tariffs, potentially easing the instability in US-China trade. During his campaign, Trump considered imposing a 60% tariff on Chinese goods and at least 10% on goods from other countries.

However, recent surveys suggest that the new administration may only impose a 40% tariff on Beijing. Lutnick had previously publicly supported Trump's 60% idea. Gold prices fell at the start of the week, partly attributed to Trump's choice of Bessent.

Elon Musk's wealth increased by $30 billion; will this boom be thanks to Donald Trump? The European Union (EU) has just increased tariffs on Chinese electric vehicles by more than 4.5 times the previous rate. Could this be an advantage for Elon Musk's Tesla and a further boost if Donald Trump wins the election?

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