President-elect Donald Trump completes trade apparatus

US President-elect Donald Trump yesterday selected Mr. Howard Lutnick as Secretary of Commerce for the upcoming administration and directly responsible for the Office of the Trade Representative, a separate agency from the Department of Commerce.

Lutnick is CEO of financial services firm Cantor Fitzgerald and co-chair of Trump's transition team. According to AFP, Lutnick is a supporter of Trump's proposed 10% import tax on foreign goods, with a 60% tax on China. Lutnick also supports bringing manufacturing jobs back to the US instead of outsourcing, and promotes the use of digital currencies.

With the above developments, the race for the Treasury secretary seat now includes investor Scott Bessent, former member of the Federal Reserve Board of Governors Kevin Warsh and CEO Marc Rowan of Apollo Global Management, a company that manages about $733 billion in assets.

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According to the Financial Times , Mr. Rowan is the leading candidate, but Mr. Bessent has the support of close allies of Mr. Trump such as Senator Lindsey Graham, former Director of the National Economic Council Larry Kudlow and investor Kyle Bass. Mr. Bessent agrees with Mr. Trump's tax proposal and believes that it is a negotiating tool of the US with trading partners. He also supports deregulation and tax cuts to promote growth, and is highly regarded in the market and in academia.

Mr. Howard Lutnick speaks in New York in late October.

Also yesterday, Mr. Trump appointed Ms. Linda McMahon as Secretary of Education, despite previously announcing that she would disband the department. Ms. McMahon is the former CEO of the WWE and was the Director of the Small Business Administration in Mr. Trump’s previous administration. On the other hand, Mr. Trump also selected Dr. Mehmet Oz as Director of the Centers for Medicare and Medicaid Services, the federal agency that manages health insurance for more than 150 million people.

Source: https://thanhnien.vn/tong-thong-dac-cu-donald-trump-hoan-thien-bo-may-thuong-mai-185241120232438733.htm