First come the members of the administration: each has a role, and a reputation.
The administration
Scott Bessent: Treasury Secretary
"As Treasury Secretary, my job is to be the country's best bond salesman” he said a few months ago. A former fund manager and a pure "Wall Street product", Scott Bessent is one of the markets' favorites.
Everyone knows how bond markets can shake governments. His mission is therefore to keep a close eye on long-term US Treasury yields. When Donald Trump sometimes charges ahead "head down” to push through his crowded agenda, Scott Bessent is there to remind him that, more than ever, he needs to move in lockstep with bond markets. Many also credit him with the return of calm last April, a few weeks after ‘Liberation Day'.
Marco Rubio - Secretary of State
As Secretary of State, he is something of a do-it-all on foreign policy, and his importance within the administration is growing. A Trump rival during the 2016 Republican primaries, his influence is now such that he is widely seen as a potential challenger to
JD Vance in the 2028 primaries. Early this year, he is steering the political transition in Venezuela and, more broadly, running US strategy in Latin America. He regularly weighs in on strategic security issues, notably regarding China, and has just been appointed by the president to the Peace Council.
Howard Lutnick - Commerce Secretary
Voice of Trump's tariff policy, Howard Lutnick oversees the USTR (United States Trade Representative) and international trade negotiations. Last May, amid a tariff escalation with China, he was the one who reassured markets by promising talks. His message remains largely focused on two objectives: reducing the US trade deficit and bringing investment back home. He has recently threatened Taiwan's TSMC and South Korea's SK Hynix and Samsung Electronics with 100% tariffs, unless they relocate more production to the United States.
A brief detour via Jamieson Greer, head of the USTR. In 2025, his agency led the drafting of framework agreements with countries around the globe. He therefore systematically joins the US delegation in tariff negotiations.
Kevin Hassett - Director of the National Economic Council
A renowned economist and long-time Donald Trump loyalist. He also advised the presidential campaigns of John McCain, George W. Bush and Mitt Romney.
He is often called on to do "damage control" in the media. Whether to accuse the BLS (‘Bureau of Labor Statistics') of publishing biased information, to defend the merits of tariffs, or to play down the impact of the investigation into Jerome Powell over the Fed's independence.
He was the clear front-runner to succeed Jerome Powell just a few weeks ago… until Trump decided: "I want to keep you where you are": Hassett is no longer the Fed favorite
Other members of the administration also deserve mention. Steve Witkoff, in particular, a political novice who nonetheless steps into the role of Secretary of State by engaging in diplomacy with Russia over Ukraine, in Israel over Gaza, and in the Middle East to expand US influence. And David Sacks, dubbed the "crypto czar”, tasked with making the United States the "world capital of crypto” (in Donald Trump's words, repeated several times).
This abundance of profiles and the frequency of their appearances clearly illustrate how the Trump administration has moved into a pronounced interventionism.
The Federal Reserve
Since Trump made rate cuts a priority, the Fed has become one of Wall Street's favorite topics. Two issues are especially hot right now: who will succeed Jerome Powell, and what about the Lisa Cook case, fired by the president in August but with proceedings suspended pending a trial.
Donald Trump has just dispelled doubts on the first question, announcing on Friday that he will propose former governor Kevin Warsh as Fed chair. A name that must now be confirmed by the Senate.
His stance as a potential Federal Reserve chair will be closely watched. He is known for his vigilance on inflation and a preference for tight monetary policy. That profile reassures markets, which feared the eventual pick might be little more than the president's puppet. But consider Kevin Hassett, a former Republican economic adviser, once a defender of free trade, who now defends the merits of tariffs with full-throated zeal. Kevin Warsh's term at the Fed dates back more than 15 years, and political opportunism remains commonplace.
Finally, Jerome Powell is not done making headlines. He can still decide to remain a governor after his term ends in May, a scenario that would upset Trump's plans.
Wall Street
The United States is not short of influential leaders capable of shaping events far beyond Wall Street.
While Donald Trump does not hesitate to stick his nose into economic matters, few CEOs still dare to challenge him publicly. Are they right? Perhaps. Indeed, people remember the episode last summer with Lip-Bu Tan, Intel's CEO. After being publicly targeted by Trump, he went to the White House, avoiding media turbulence, to plead his case. A diplomatic success: Trump would go on both to praise him publicly and to invest 9% in Intel in the name of national security.
But more recently, some executives have seemed to loosen up.
Darren Woods, Exxon Mobil's CEO, called Venezuela "uninvestable” after the arrest of Nicolas Maduro. An affront. Donald Trump immediately threatened to exclude him from potential future operating contracts.
Then it was the turn of the highly influential Jamie Dimon, CEO of JPMorgan. A few days after the criminal investigation into Jerome Powell, he came out in support of the Fed's independence. And on the proposed cap on credit-card interest rates, he said the measure would trigger an "economic catastrophe”.
Finally, after Robert F. Kennedy (Health Secretary) announced an end to childhood vaccine recommendations for four conditions, Pfizer CEO Albert Bourla reacted sharply: "I am seriously frustrated, because what is happening has no scientific merit.”
Until now, the trend among executives has been to try to position their companies close to the president's interests to limit-or benefit from-the impact of his policies. But as the midterms approach, more visible resistance could emerge.
