New Delhi [India]: The Trump 2.0 administration’s cabinet members are expected to take a hawkish stance on fiscal policy, foreign relations, and national security, according to a report by Union Bank of India. The report highlighted that the administration’s actions, particularly in the coming week, are likely to bring significant changes to global trade and diplomacy.
The report stated, “Trump’s cabinet likely to be hawkish; all eyes on their action next week.”
Key Cabinet Members and Their Agendas:
- Scott Bessent, US Treasury Secretary:
Bessent aims to maintain the US dollar’s global reserve currency status, advocating a permanent tax cut to prevent a USD 4 trillion increase. He also emphasized reducing the US budget deficit to 3% of GDP by 2028, promoting long-term economic stability. Bessent views tariffs as a valuable tool in trade negotiations, hinting at their potential use in upcoming deals. - President Donald Trump:
During his inauguration, Trump reiterated his stance against BRICS nations, including India, warning of 100% tariffs on trade with the US if they pursue de-dollarization efforts.
“If the BRICS nations want to do that, that’s OK, but we’re going to put at least a 100 per cent tariff on the business they do with the United States… It’s not even a threat. In fact, since I made that statement, Biden said, they have us over a barrel. I said, No, we have them over a barrel. And there’s no way they’re going to be able to do that,” Trump said. - Marco Rubio, Secretary of State:
Rubio is expected to take a hardline stance on China, focusing on reducing Beijing’s influence. Known for his advocacy of banning Chinese telecom equipment and supporting Taiwan, Rubio’s leadership signals a more assertive US-China policy. This could heighten tensions but strengthen alliances in the Indo-Pacific. - Elon Musk, Head of the Department of Government Efficiency (DOGE):
Musk has committed to cutting federal spending by USD 2 trillion, starting with annual reductions of USD 500 billion. This initiative is expected to reshape federal programs significantly and streamline government operations. - Mike Waltz, National Security Advisor:
Waltz plans to prioritize addressing threats from China while resolving conflicts in Ukraine and the Middle East. His approach suggests a strategic pivot in US foreign policy, reallocating resources to counter China’s growing influence.
The Trump administration’s policies are expected to have far-reaching implications for global trade, diplomacy, and economic stability. All eyes are on the cabinet’s actions in the coming weeks.