Markets look to Howard Lutnick, other Trump economic picks for signals on tariffs

Published On Nov 19, 2024, 3:07 PM

Investors are closely watching President-elect Donald Trump as he finalizes his economic team, particularly the Treasury Secretary position, which is anticipated to provide signals on the administration's trade and tariff policies. Howard Lutnick's appointment as Secretary of Commerce suggests a proactive role in shaping tariff strategy. Market reactions are rooted in concerns over Trump's past tariff promises and the potential implications for various industries, especially retail. Lutnick is associated with tariff-friendly positions, heightening speculation around his influence on upcoming economic policy.

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Given the possibility of aggressive tariff implementations under a pro-tariff administration, companies with significant exposure to trade and import taxes may face pressure. However, a nominee like Bessent could temper the approach and lead to a more balanced outlook, potentially calming market fears. The uncertainty surrounding trade policy can cause underlying volatility across sectors that depend heavily on imports.

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