“Knife Fight” for Treasury Role: Lutnick’s Aggressive Tactics Reportedly Frustrate Trump
Howard Lutnick’s FMX Futures Exchange is set to launch around the middle of the year Photo: Hollie Adams/Getty Images
Donald Trump’s transition team leader, Howard Lutnick, is reportedly testing the president-elect’s patience as he vies for the role of Treasury Secretary in what insiders describe as a political “knife fight” against rival Scott Bessent. According to a report by The New York Times on Sunday, Lutnick’s chances of securing the position are dwindling as his aggressive maneuvering irks Trump.
“Lutnick, who has been running Mr. Trump’s transition operation, has gotten on Mr. Trump’s nerves lately,” the report stated. “Trump has privately expressed frustration that Mr. Lutnick has been hanging around him too much and that he has been manipulating the transition process for his own ends”, according to Bloomberg News.
Lutnick, CEO of Cantor Fitzgerald, has reportedly been clashing with Scott Bessent, a former money manager for George Soros, over the coveted Treasury post. The feud has grown so heated that one insider likened it to a “knife fight,” with Lutnick taking the lead as “the primary aggressor.”
Trump’s frustration with Lutnick’s tactics has reportedly led him to consider alternative candidates, such as former Federal Reserve governor Kevin Warsh or Wall Street billionaire Marc Rowan, the Times noted.
Despite Trump’s irritation, Lutnick still has influential backers, including Elon Musk. Over the weekend, Musk voiced his support for Lutnick on X, contrasting him with his competitor. “Bessent is a business-as-usual choice, whereas [Lutnick] will actually enact change,” Musk posted. “Business-as-usual is driving America bankrupt, so we need to change one way or another.”
While the competition for Treasury Secretary heats up, the incoming administration remains tight-lipped about ongoing deliberations. Karoline Leavitt, Trump’s incoming White House press secretary, declined to comment on a Sunday meeting between Trump and Lutnick, according to the Wall Street Journal.
“President-elect Trump is making decisions on who will serve in his second administration,” Leavitt said in a statement. “Those decisions will continue to be announced by him when they are made.”
The high-stakes battle for the Treasury post underscores the challenges of managing powerful personalities within Trump’s orbit. While Lutnick’s assertive style has gained him some allies, his approach may ultimately alienate the president-elect, forcing Trump to pivot to less contentious candidates.
