In the last several weeks since Donald Trump won the presidential election and secured his return to the White House, the president-elect has continued to make news with his surprising and mercurial Cabinet picks for his second administration.
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While some of those picks will likely not have an immediate discernable impact on the economy, other Cabinet nominations could have a palpable effect on Americans’ wallets.
One such Cabinet nominee is Scott Bessent, who Trump has nominated for the secretary of the Treasury. Bessent, who, as reported by The Hill, has an undergraduate degree from Yale University in the fields of economics and finance, and currently heads a macro hedge fund he started called Key Square, is expected to get an extension of the debt ceiling that is set to expire at the end of the year to avoid a government shutdown. Bessent is also expected to work with Congress to extend the provisions of the Tax Cut and Jobs Act that Trump enacted in his first administration, which is set to end in 2025. Should Bessent aid the president-elect in this, Americans can expect their lowered tax rates to continue, and be able to save during tax season.
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Also notable is the fact that prior to the election, Bessent seemed hesitant to implement tariffs immediately, which Trump has announced he plans to do. Bessent has argued that tariffs should be rolled out over time; however, since the election, Bessent has adjusted his public stance and appeared far more supportive of Trump’s insistence upon imposing tariffs immediately — something which could immediately raise grocery and retail prices in America.
Elsewhere, for the secretary of Labor, Trump has nominated Lori Chavez-DeRemer, a former Republican member of Congress who is closely affiliated with American unions — something The Washington Post has noted is a connection far more typical among Democrats. Chavez-DeRemer may help soften the relationship between Trump and unions, who have been gravitating increasingly towards Trump recently.
It also remains to be seen who would be directly in charge of implementing Trump’s promised immigration policy. As reported by The Washington Post, the president-elect has announced that he plans mass deportations in his second administration. Such deportations, if implemented, could increase prices and inflation by creating a worker shortage in America.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: How Trump’s Cabinet Picks Could Impact Your Wallet
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