Trump’s economic picks form a ‘team of rivals.’ What it means for tariffs and more. By Robert Schroeder Last Updated: Nov. 28, 2024 at 5:45 a.m. ET First Published: Nov. 27, 2024 at 3:32 p.m. ET

President-elect Donald Trump has assembled what might be called a team of rivals on economic policy. But investors should look no further than Trump himself when it comes to a key part of his agenda: tariffs. More on tariffs in a moment. First, to recap the picks: Hedge-fund manager Scott Bessent was tapped as Treasury secretary, getting the nod despite lobbying from Elon Musk for Cantor Fitzgerald CEO Howard Lutnick. Lutnick instead was chosen to run the Commerce Department, after what was reported to be a nasty fight over the Treasury post.