Trump's tariff policy is a 'bigger issue' than his Treasury pick
President-elect Donald Trump has nominated billionaire hedge fund manager Scott Bessent as his Treasury Secretary ahead of reentering the White House in January. Harvard Kennedy School of Government professor Jason Furman joins Catalysts to provide insights into this selection. Furman, who also served as the Council of Economic Advisers (CEA) chairman under the Obama administration, characterizes Bessent as "a good pick," acknowledging his financial expertise. However, he notes that Bessent now needs to learn about "the world of public policy, which is one he hasn't been steeped in." However, Furman believes "the bigger issue" is Trump's proposed tariff policy. He raises questions about the potential strategic intent behind tariffs: "What it depends on is whether tariffs are a good thing in and of themselves, a way to raise money from other countries, which is, by the way, false, or do they think tariffs are a negotiating tactic, and they are willing to get something in exchange for not doing them?" Despite reservations about trade policy, Furman describes Bessent as the "safest pick" capable of accurately assessing the country's financial needs. However, Furman remains clear about one fundamental point in that under a Trump administration, the Treasury Secretary would not ultimately drive policy — only the president would. To watch more expert insights and analysis on the latest market action, check out more Catalysts here. This post was written by Angel Smith
