Trump has sidelined some of his advisers - poor performers Lutnick & Navarro on the outer

Politico with the report on Trump shifting the deckchairs. Trade team moves:

• Treasury Secretary Scott Bessent now at the helm
• Peter Navarro relegated to the sidelines
• Howard Lutnick recast into the role of “bad cop”

Politico cite "according to three people close to the White House". Politico has more, and its ungated.

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Lutnick's explanations on trade to media have been false, misleading and not credulous. The market responded to this and the man lacks any credibility now. And as for Navarro, Trump's main offsider, Elon Musk, described him as a moron earlier this week.

Bessent seems to have been the guy responsible for explaining to Trump, in simple and understandable terms, why the bond market meltdown was a danger to the administration. This triggered Trump's reversal on tariffs and the bounce in stocks on Wednesday.