Trump meets with Scott Bessent as Larry Kudlow withdraws from race for top economic roles

President-elect Donald Trump reportedly appeared close to naming a Treasury secretary on Friday as he met with top candidate Scott Bessent, according to a report.

Meanwhile, Fox Business host Larry Kudlow – who was earlier on Friday reported as a top contender for the position – told the president-elect’s team he did not want to return to a government position, according to The Wall Street Journal.

Tensions have heated up in a race between Bessent, the founder of investment firm Key Square Capital Management, and Cantor Fitzgerald CEO Howard Lutnick to lead the Treasury Department, the report said. Friday is the second time Trump and Bessent were set to meet this week, sources told the Journal.

Kudlow – who served as the director of the National Economic Council during Trump’s first administration – met with the president-elect late this week, but his team has since said he is not interested in the job, the report said. 

“Larry Kudlow recently signed a new deal to continue hosting his eponymous program on FOX Business and has no plans to leave his current role helming one of the highest rated shows on the network,” a Fox News spokesperson told The Post.

The 77-year-old former CNBC contributor was being considered to lead the NEC or possibly the Treasury Department, sources told the Journal.

Trump’s transition team did not immediately respond to a request for comment.

Meanwhile, Lutnick and Bessent’s allies have each been aggressively campaigning for their candidate and making the case against the other in a “cold war” that has irritated Trump, the Journal said based on Trump advisers and sources.

Trump and his team have also floated Robert Lighthizer, who was the US trade representative during Trump’s first administration, and Apollo Global Management CEO Marc Rowan for roles including Treasury secretary, the report said.

Rowan met with Trump in New York ahead of the election to discuss the state of the economy, sources told the Journal.

The two have not had another meeting since the election, sources said.

Sources told the Journal Trump had not made a decision as of late Thursday and is expected to continue discussions throughout Friday.

Once Trump decides on a Treasury secretary, the other candidates will likely be considered to head the NEC, the report said.

So far, Trump has announced more than 10 planned nominees for his Cabinet, including controversial picks like vaccine skeptic Robert F. Kennedy Jr. to run the health department, former Fox News host Pete Hegseth for Defense secretary and former Representative Matt Gaetz, who has been accused of sexual misconduct and illicit drug use, as attorney general.