Trump has assembled a team on economic policy that can be referred to as a 'team of opponents.' But when it comes to one key part of the Trump agenda—tariffs—investors should pay attention to Trump himself.

First, let's review the candidate list for Trump's economic team: hedge fund manager Scott Bessent was nominated as Secretary of the Treasury, despite Musk lobbying for Cantor Fitzgerald CEO Howard Lutnick, Bessent still secured the position, while Lutnick was chosen as Secretary of Commerce. Reportedly, there was intense fighting for the Treasury post.

Terry Haines, founder of Pangaea Policy, wrote in a recent report: 'The statement that Trump's team is a 'team of opponents' in economic policy is almost literally true: the strong opposition between Bessent and Lutnick is now publicly reported.'

Trump also chose Jamieson Greer as the U.S. Trade Representative and appointed Kevin Hassett as the Chairman of the Council of Economic Advisers, arranging key positions for trade negotiations and extending tax cuts.

These appointees have different views on tariffs, but one thing is very clear—Trump is pushing forward the proposal to impose tariffs, although a key Cabinet appointee, Bessent, recently stated in October that the proposed increase in tariffs by Trump is negotiable. He later presented stronger arguments for raising tariffs in an article for Fox News.

Beacon Policy Advisors stated in a report on Wednesday: 'While Bessent's nomination has comforted the markets, he has almost no control over Trump's tariff plan. Lutnick will have more influence, but considering that part of the reason they were both chosen is that Trump believes that if a disagreement arises, Lutnick and Bessent will not obstruct his decisions, this means that Trump will have the final say on issues like tariffs.'

Meanwhile, the nominations of Greer and Hassett signaled to investors that Trump has not softened his hard stance on tariffs.

Henrietta Treyz of Veda Partners wrote in a report on Wednesday that Greer "supports the tariffs and protectionist trade policies proposed by Trump during his first term and campaign." She also noted that Hassett is a supporter of Trump's tariffs and global strategy.

When asked to comment on Trump's economic team, Trump-Vance transition team spokesperson Karoline Leavitt stated in a release: "The american people overwhelmingly re-elected Trump, which gave him the mandate to fulfill his campaign promises, and his cabinet selections reflect his 'America First' principle."

In addition to trade and macroeconomic policy, Trump also nominated Representative Lori Chavez-DeRemer for Secretary of Labor, who was welcomed by major unions like the AFL-CIO.

The AFL-CIO emphasized that while the organization's president pointed to Chavez-DeRemer's "pro-labor record" in Congress, the union is watching cautiously regarding what achievements she might accomplish under the Trump administration.