Trump Cabinet pick stirs drama in Treasury race, Will tariffs shoot up?

The race for Donald Trump’s Treasury Secretary is heating up as business leaders, hedge fund managers, and Wall Street heavyweights jockey for influence. Scott Bessent and Howard Lutnick emerged as the top contenders but fresh developments suggest that Kevin Warsh is a much stronger contestant.

Robert F. Kennedy Jr. endorsed Howard Lutnik for Treasury Secretary, praising his pro-Bitcoin stance. The former presidential candidate has voiced strong support for Bitcoin, calling it “the currency of freedom” and a hedge against inflation for the middle class. BTC recently breached the $93,000 mark to register a new all time high.

Kevin Warsh surges ahead in the Treasury Secretary race

Eleanor Terrett in a X post reported that some new names have emerged in the race for Treasury secretary. However, Kevin Warsh turns out to be a much stronger candidate. Charles Gasparino suggested that Warsh is one of the smartest economists in the country, a former banker, and a Fed official. This is a huge upgrade from the status quo.

Howard Lutnick, a crypto advocate, has gained support from high-profile names like Elon Musk and Robert F. Kennedy Jr. Meanwhile, reports suggest that Trump is wary of Lutnick’s transition team performance and close proximity in recent weeks.

Musk had publicly endorsed Lutnick by citing his potential for bold economic change. He slammed Scott Bessent as “business-as-usual” and praised Lutnick for pushing change. He wrote “Business-as-usual is driving America bankrupt, so we need change,” and that too just a few hours before sitting beside Trump at a UFC event. 

Lutnick’s crypto-friendly stance is catching attention, especially from Kennedy, who sees Lutnick as a bold choice for Treasury. He recently launched Cantor for Bitcoin financing services. But Trump’s also eyeing former Fed Governor Kevin Warsh and Apollo’s Marc Rowan for the role.

Trump’s advisors are reportedly pressing candidates to back his tariff-heavy economic agenda. The choice of Treasury Secretary will have major implications for future trade policies. Tariffs have been a crucial part of Trump’s economic strategy with an aim to boost the country’s manufacturing, creating jobs, and lowering prices. He’s even called tariffs the most beautiful word in the dictionary.

Trump’s tariff plans

The President elect’s tariffs include a 60% levy on Chinese imports and a potential universal 20% tariff on all goods entering the US. His Treasury Secretary pick will play a key role in enforcing these policies. Bessent has reaffirmed his support for tariffs, calling them a way to “stand up for Americans.” This comes despite his previous comments suggesting a softer stance.

The digital assets industry has rejoiced the Trump’s win as the cumulative market cap regained the much awaited $3 trillion mark. Bitcoin price surged by a massive 35% in the last 30 days pushing all the altcoins to rally. BTC is trading at an average price of $91,802 at press time.