As has been reported for the last week, the pick for Treasury Secretary remains the last on the Trump transition team’s plate, at least and until some of the previously inspired choices comes back around. And yet, President-elect Trump and staff are having the darndest time finding someone qualified to actually be Treasury Secretary while also agreeing with Trump on plans to impose tariffs across large swaths of our imports. It is almost as if anyone qualified to be Treasury Secretary sort of knows that tariffs at that scale are a bad idea.
Now, you might say, “Well, being qualified never stopped Donald Trump before!” And you would be right. Look at Tulsi Gabbard. But then again, the Dow Jones Industrial Average doesn’t react near-instantaneously to picks for Director of National Intelligence. Wall Street will, however, react to Trump’s pick for Treasury Secretary, a fact that seems to be setting in at Mar-a-Lago. They can’t find anyone.
Yesterday, I wrote that transition leader Howard Lutnick will likely be the eventual pick for Treasury, but Trump announced that Lutnick will go to Commerce… Leaving everyone still wondering what is going on. Apparently, even they aren’t sure:
A source familiar tells @steinhauserNH1 that “it’s a free for all for Treasury secretary” and that it’s “a mad dash to find someone pro-tariff.”
The source adds LUTNICK was offered an ambassadorship, but rejected that offer. https://t.co/ab6vDrD1bN— Aishah Hasnie (@aishahhasnie) November 19, 2024
Wall Street really doesn’t like hearing “Free for all” in any context, least of all when associated with the guy in charge of money. So that’s a bad signal. And yet, it is also reality and thus unavoidable..
The country may well benefit from the stalemate. The fact that Donald Trump might feel constrained by Wall Street’s reaction may save the country from the inevitable consequences of a poorly thought out plan regarding tariffs. In a way that we did not see with a pick like, well – Gabbard or Gaetz, there may be real world consequences that put political pressure on Donald Trump such that he is forced to go with the safer choice. That is the ideal.
Because it is apparently hard to find someone who can circle the triangle (Or something). The pick must be a confirmed Trump supporter, while also pro-tariff, and having appropriate experience and connections such to reassure a jittery Wall Street. There may well be no way to get there from here. No guy for that gig.
Now if only there was some kind of similar dynamic in some of the other posts, whether it is Gaetz at the Justice Department or Hegseth at Defense. Obviously, the Republican Senate is meant to provide that built-in pressure but it increasingly appears that Trump made his appointments at least in part to test the loyalty of that very same Republican Senate, making the nominations less about the nominees and more about which GOP Senators might stand in opposition.
Nothing stands in opposition to money, or – put in reverse, money stands in the way of everything. To that end, there is no obvious candidate on the horizon. It does appear that in this one area, reality will restrain Donald Trump’s inclinations.
And we’re all better for it
God Bless: I can be reached at [email protected] and @JasonMiciak and on Blue Sky.
how bout Britta Merwin for treas sec and she can rain money in. She’s a Fox news meteorologist which would round off the Trump Fox cabinet nicely 👍
I’ve got it! How about Mike Lindell the My Pillow guy?
Nah. Trump’s going to name himself as Treasury Secretary so he can go about doing what he REALLY wants (to direct all that money coming in from the whole country via the IRS and other sources into his own personal bank accounts).
Conundrum: How can he find a brainless sycophantic moron who’ll do what they’re told AND, at the same time, clearly understands how the economy works?
Simple, he can’t.