Prediction markets forecast more than 2.3% inflation this month and nearly 3% in June, largely a consequence of President Trump’s tariffs—which didn’t just appear out of thin air. Behind Trump’s trade blitz is a small circle of hard-liners, loyalists, and financial operatives who are reshaping America’s economic playbook with one blunt tool: tariffs.
From MAGA loyalists to former hedge fund bosses, here’s who’s actually calling the shots — and what it could mean for your wallet.
Peter Navarro
Navarro’s obsession with China is no secret. He’s the firestarter of the Trump tariff machine, preaching “reciprocal tariffs” and economic nationalism like gospel. His fingerprints are all over the China trade war and the belief that tariffs will rebuild American manufacturing — even if it scorches the consumer in the process.
Robert Lighthizer
Lighthizer isn’t loud, but he’s lethal. The former U.S. Trade Rep rewrote the rules under Trump, ditching multilateral deals in favor of hard-knuckle bilateral fights. He’s back in Trump’s ear and rumored to be gunning for Treasury or Trade if 2025 goes red.
Scott Bessent
Trump’s Treasury Secretary and hedge fund veteran, Bessent talks like a free-marketer but walks a tightrope. He helped walk back 145% tariffs on China down to 30% — trying to avoid a full-blown market meltdown without undercutting the White House’s hard line.
Howard Lutnick
The Commerce Secretary, best known for running Cantor Fitzgerald, insists tariffs are surgical and inflation-proof. Retailers say otherwise. He’s there to defend the policy in front of Wall Street, even if Main Street feels the burn.
Jamieson Greer
A disciple of Lighthizer, Greer is now the U.S. Trade Rep. He echoes Trump’s rhetoric, pushes for sweeping tariffs, and frames trade deficits as national security threats. He’s young, sharp, and 100% MAGA-made.
Stephen Miran
Chair of the Council of Economic Advisers, Miran crunches the numbers to justify tariff hikes. He’s been warning of currency manipulation and supply chain dependencies — offering the wonkier rationale for Trump’s tough talk.
Team Tariff vs Team Econ
Inside Trump’s circle, it’s not all one voice. Navarro, Greer, and Miran make up “Team Tariff.” Bessent and some economic aides push back, warning of consumer backlash and inflation spikes. The internal tug-of-war is heating up.
The Anti-China Playbook
This isn’t just about economics — it’s about dominance. The tariff squad sees China as a long-term existential threat. That belief drives the aggressive push for tariffs across tech, EVs, rare earths, and even basic goods.
Consumer Cost …
Despite Trump’s claims tariffs hurt “them, not us,” studies show U.S. consumers and companies often bear the brunt. From imported electronics to household staples, prices jump. The advisers? They say it’s worth the squeeze.
What This Means Going Forward
Expect more tariffs — and faster. The players are in place, the ideology is locked in, and the market is already nervous. Whether you’re a farmer, importer, or just shopping for groceries, you’re in the blast radius.
