Unlock the White Home Watch publication free of charge
Your information to what the 2024 US election means for Washington and the world
Donald Trump has tapped Jamieson Greer to be the US commerce consultant and Kevin Hassett as director of the Nationwide Financial Council, rounding out his financial group after launching the primary massive tariff threats of his presidential transition.
Greer, a lawyer at King & Spalding in Washington, is a protégé of Robert Lighthizer, USTR throughout Trump’s first time period, who championed using tariffs and led commerce disputes with China and Europe in addition to the renegotiation of the Nafta commerce take care of Canada and Mexico. On the time, Greer served as Lighthizer’s chief of workers.
Greer’s nomination got here after Trump on Monday threatened to impose 25 per cent tariffs on imports from Canada and Mexico and 10 per cent tariffs on China on his first day in workplace, firing the primary salvo for the reason that election in opposition to the highest US commerce companions.
On the marketing campaign path, Trump promised blanket levies of 20 per cent on all US imports, in addition to tariffs of 60 per cent on these from China, suggesting his second-term insurance policies may very well be much more protectionist and disruptive to the worldwide financial system and markets.
“[Greer’s] efforts under the former USTR, Bob Lighthizer, a spectacular leader and person, helped spur the return of Manufacturing jobs to America, and reverse decades of disastrous Trade policies,” Trump mentioned in a press release asserting the appointment.
Whereas USTR is liable for commerce negotiations, it’s unclear whether or not Greer will wield the identical affect that Lighthizer did within the position.
Final week, Trump chosen Howard Lutnick, the co-chair of his transition group, to be his nominee for commerce secretary. He mentioned Lutnick would “lead our tariff and trade agenda, with additional direct responsibility for the Office of the [USTR]”, which would go away Greer with a diminished position.
Trump additionally selected Scott Bessent as his nominee for Treasury secretary final week. The hedge fund supervisor may also have a important position in shaping worldwide financial coverage.
Like Bessent, Hassett is seen as a practical decide who can be well-received by Washington and Wall Road. Hassett beforehand served as chair of the Council of Financial Advisors throughout Trump’s first presidential time period. On the NEC, he can be tasked with co-ordinating financial coverage.
In his new position, Hassett, a longtime supporter of the president-elect, may also can be instrumental in guiding Trump on extending tax cuts which are set to run out. Trump has additionally made deregulation a pillar of his financial agenda, particularly because it pertains to the oil business.
Hassett — who beforehand labored with former president George W Bush and Republican presidential candidates John McCain and Mitt Romney — has lengthy been a supporter of Trump’s tariff proposals in addition to his plans to chop taxes.
In an interview with the Monetary Instances in October, Hassett talked about tariffs as a negotiating instrument and backed a robust greenback, saying it “has been an important part of the global economy for a long time”.
He additionally mentioned an impartial Federal Reserve was a “positive”, suggesting he may very well be at odds with Trump’s curiosity in having a higher say over financial coverage choices. Hassett can also be seen as a possible contender to exchange Jay Powell when the Fed chair’s time period expires in Could 2026.
“I think that it’s important for fiscal policymakers to understand that if the Fed’s job is price stability, then the Fed will have to respond to fiscal policy,” Hassett mentioned.
