UP NEXT, THE ECONOMY: Donald Trump has moved quickly since his election victory to fill key cabinet and advisory roles. But his top economic posts remain conspicuously empty. Those roles could be announced in the coming days or weeks. And the competition for them remains fierce — a signal that the overall scope of Trump’s economic and trade approach is still being determined, despite the president-elect’s repeated promise to impose high tariffs. Knives out for Scott: Internal disputes spilled out into the public over the weekend, when Elon Musk, who was tapped to co-lead the so-called Department of Government Efficiency, voiced support for transition co-chair Howard Lutnick to lead the Treasury Department over Scott Bessent. Some in Trump’s inner circle view Bessent, the founder of capital management firm Key Square, as insufficiently supportive of Trump’s tariff proposals. “My view [for what it’s worth] is that Bessent is a business-as-usual choice, whereas [Lutnick] will actually enact change,” Musk posted Saturday on X. “Business-as-usual is driving America bankrupt, so we need change one way or another.” That view seemed to get a nod of approval from protectionists in Washington. “Trump needs a treasury secretary who STRONGLY agrees with his vision for universal tariffs for substantial revenue as well as protection beyond ‘strategic’ industries,” wrote Michael Stumo, CEO of the Coalition for a Prosperous America, on X. “I’ve not seen [the] financial sector/Wall St people do so yet.” In a separate post , Stumo threw his support behind Trump’s former U.S. Trade Representative Robert Lighthizer for the role. Why it matters: Trump’s coming decisions, particularly on Treasury, will give the strongest indication yet on whether he’s set to follow through on his most protectionist impulses or hew closer to Wall Street, which has long hoped that tariffs would largely be used as negotiating leverage and wouldn’t be applied as aggressively as he’s vowed during the campaign. What to watch: The public contention has irked Trump himself, and the infighting has caused his staff to seek alternatives beyond Bessent and Lutnick — the two front runners — for the top economic post, two sources close to the transition told Morning Trade. That could raise the stock of folks like Lighthizer, a key economic adviser for Trump who is already helping him prepare for his first 100 days, Sen. Bill Hagerty (R-Tenn.), Apollo Global Management chief executive Marc Rowan or even former Federal Reserve Governor Kevin Warsh. Meanwhile, the race for USTR remains similarly opaque. Lighthizer, who served as USTR in Trump's first administration, is eyeing a bigger post this time around, whether that’s Treasury or Commerce secretary or becoming a White House economic adviser. Shoving him back to USTR could indicate that Trump’s support for his protectionist agenda is on the wane in the White House. It could also stall the ascension of his former chief of staff, Jamieson Greer — who’s considered a frontrunner to head the agency — and Stephen Vaughn, formerly general counsel at USTR, where he assisted Lighthizer in numerous negotiations.
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