President-elect Donald Trump has announced his nominees for key positions such as secretary of state, secretary of defense, and attorney general, but he has yet to reveal his choice for an important Cabinet position: treasury secretary.

The individual chosen by Trump will oversee a significant Cabinet role focused on advising the president regarding financial, economic, and tax-related issues. Their appointment must be confirmed by the Senate before they can officially take office.

During his 2024 reelection campaign, Trump emphasized reducing prices and fulfilling various economic commitments to the American public. He branded himself as “Tariff Man” and proposed imposing tariffs of up to 20% on all imported goods, along with tariffs ranging from 60% to 100% on products from China.

The strategy aims to increase the cost of imports, making domestic products more attractive. While some American manufacturers have welcomed Trump’s proposals as a way to compete with low-cost foreign goods, economists have warned that tariffs could lead to higher inflation and increased interest rates.

Many economists caution that tariffs could negatively impact the economy by raising prices and reducing overall production. There’s also a risk of retaliation from trading partners who might impose their tariffs in response.

However, most potential candidates for Trump’s treasury secretary position either have been longstanding proponents of tariffs or have expressed their support for them since the election.

Below are some of the noteworthy candidates generating discussion:

Scott Bessent

Scott Bessent, 62, serves as the CEO of Key Square Capital Management, a hedge fund based in Connecticut. Previously, he was the chief investment officer for Soros Fund Management, which was established by George Soros, a noted supporter of liberal political initiatives.

Bessent is a prominent Trump fundraiser and advocates for the president-elect’s economic strategies, which include deregulation, boosting domestic energy production, and implementing tax cuts.

During his campaign, Trump consistently emphasized his desire to expand drilling, elevate the already record-high production of oil and gas, and decrease corporate tax rates. Additionally, he brought in Tesla owner Elon Musk and entrepreneur Vivek Ramaswamy to spearhead a new initiative aimed at increasing government efficiency.

In a recent column for Fox News, Bessent strongly endorsed tariffs, stating that these measures “can boost Treasury revenues, motivate businesses to restore production, and lessen our dependency on industrial goods from strategic competitors.”

A notable figure in finance, Bessent has shown a willingness to cross party lines; he organized a fundraiser for then-Vice President Al Gore during his 2000 presidential campaign.

Bessent, who has lived in New York City for many years, now resides in Charleston, South Carolina, with his husband John Freeman, a former prosecutor in New York City. The couple has two children.

Howard Lutnick

Howard Lutnick, 63, is a billionaire from Wall Street and a close ally of Trump. He has been collaborating with Trump transition team co-chair Linda McMahon to help prepare the incoming administration for over 4,000 federal government positions.

A longtime friend of Trump, Lutnick supports the president-elect’s positions on issues such as immigration, cryptocurrency, and tariffs on imports.

Immigration reform was a cornerstone of Trump’s reelection strategy. Trump has also championed digital currencies, vowing to position the United States as the foremost hub for cryptocurrency.

After the October 7, 2023, attack by Hamas on Israel, Lutnick agreed to take a more active role in Trump’s campaign, citing Trump’s “moral clarity” regarding Israel’s situation.

While Trump has occasionally been critical of Israeli Prime Minister Benjamin Netanyahu, he claimed, without evidence, that the Israel-Hamas conflict wouldn’t have occurred during his presidency.

Lutnick joined Cantor Fitzgerald, a prominent financial firm, after finishing college in 1983 and became its president and CEO in 1996. The company’s offices at One World Trade Center were destroyed during the September 11, 2001 terrorist attacks, which claimed the lives of 658 employees, including Lutnick’s brother, Gary, who was 36 years old at the time.

John Paulson

John Paulson is a billionaire hedge fund manager who became well-known and amassed a fortune of $4 billion by betting against the U.S. housing market during the subprime mortgage crisis of 2007.

Similar to Trump, Paulson, aged 68, hails from Queens, New York. He began his career at Boston Consulting Group before establishing his hedge fund, Paulson & Co., in 1994.

A strong supporter of Trump’s economic policies, especially his tariff strategy aimed at boosting U.S. manufacturing, Paulson stated in September that this approach was “well founded.”

“Trump’s goal is to build a robust American manufacturing sector and use tariffs to create a fair competitive landscape,” he explained.

Additionally, Paulson has advocated for privatizing mortgage giants Fannie Mae and Freddie Mac, which are government-sponsored entities that secure most mortgages in the U.S. Prior to the 2008 financial crisis, both were privately-run, but they fell under full federal oversight after receiving a government bailout.

As a significant investor in both Fannie Mae and Freddie Mac, Paulson stands to gain considerably if these companies revert to private ownership.

Robert Lighthizer

Robert Lighthizer, an international trade attorney, served as the U.S. Trade Representative during Trump’s first term.

This role, which belongs in the Cabinet, makes the U.S. Trade Representative the primary advisor, negotiator, and spokesperson for the president on trade matters.

At 77, Lighthizer is often labeled as a “protectionist” due to his stance against free trade, which he argues has led to significant job losses in American manufacturing over the years.

While in the Trump administration, he was crucial in renegotiating the North American Free Trade Agreement with both Mexico and Canada and is regarded as the key figure behind the trade war with China.

In an August 2020 article for Foreign Affairs magazine, Lighthizer, who previously held the position of deputy trade representative during the Reagan administration, articulated his trade policy beliefs:

He argued that economic efficiency and geopolitical considerations should not be the sole aspects guiding trade policy. Instead, factors such as job losses in the U.S. should also be taken into account.

“When addressing topics like taxes, healthcare, and environmental regulations, policymakers routinely weigh efficiency against other important goals,” he observed. “The same consideration should apply to trade.”

Kevin Warsh

Kevin Warsh is a banker and a former member of the Federal Reserve Board of Governors. Currently, he holds the position of Shepard Family Distinguished Visiting Fellow in Economics at Stanford University’s Hoover Institution and is also a lecturer at its Graduate School of Business.

He began his career at Morgan Stanley in 1995, advancing to roles such as vice president and executive director of Mergers.

In 2002, he was appointed as a special assistant for economic policy to then-President George W. Bush, also taking on the role of executive secretary for the National Economic Council.

Bush appointed him to the central bank in 2006, where he served until 2011. Throughout his tenure, Warsh was the Board’s representative to the international Group of Twenty and acted as a liaison with both emerging and developed Asian economies, as noted by the Federal Reserve.

It appears that Warsh might not entirely agree with Trump’s “America First” economic strategies. This notion stems from a 2011 op-ed he co-wrote with Jeb Bush, in which they urged policymakers to “resist the increasing wave of economic protectionism” as they face the country’s financial obstacles, according to Bloomberg.

Born in Albany, New York, Warsh, aged 54, earned a public policy degree from Stanford University, followed by a law degree from Harvard University.

Marc Rowan

Marc Rowan, a billionaire investor and the co-founder and CEO of Apollo Global Management, is among the candidates for the treasury secretary position.

Growing up in Long Island, New York, the 62-year-old Rowan earned both a B.S. and M.B.A. from the Wharton School at the University of Pennsylvania before launching his career in investment banking.

After the firm he worked for went under in 1990, he co-established Apollo Global Management along with two former colleagues. As of October, Apollo Global Management manages $696 billion in assets.

Rowan also holds the position of chair on the Board of Advisors and was a founding donor for the Penn Wharton Budget Model, a neutral research project analyzing the fiscal effects of public policies, according to his biography on the company site.

Recently, he commended the team being assembled by Trump for his upcoming administration, stating that the nation requires a “wholesale change,” with particular praise for Elon Musk’s significant role in the prospective Trump cabinet.

“I believe Elon Musk symbolizes wholesale change, which is precisely what we actually need,” Rowan expressed during Yahoo Finance’s Invest conference last week.