U.S. president-elect Donald Trump has chosen Tesla CEO Elon Musk and Vivek Ramaswamy to lead a new ‘Department of Government Efficiency’ under his second administration.

“Together, these two wonderful Americans will pave the way for my Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies – Essential to the “Save America” Movement,” Trump said in a statement.

Trump’s statement quoted Tesla CEO Elon Musk as saying that “this will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!”

The U.S. president-elect says it will potentially become ‘The Manhattan Project’. “Republican politicians have dreamed about the objectives of “DOGE” for a very long time. To drive this kind of drastic change, the Department of Government Efficiency will provide advice and guidance from outside of Government, and will partner with the White House and Office of Management & Budget to drive large scale structural reform, and create an entrepreneurial approach to Government never seen before,” says Trump.

The president-elect says he looks forward to both individuals making changes to the Federal Bureaucracy with an eye on efficiency and, at the same time, making life better for all Americans. “Importantly, we will drive out the massive waste and fraud which exists throughout our annual $6.5 trillion of government spending,” he says.

Trump says they will work together to liberate the U.S. economy, and make the government accountable to “WE THE PEOPLE.”

Their work will conclude no later than July 4, 2026, he says.

“A smaller Government, with more efficiency and less bureaucracy, will be perfect gift to America on the 250^th Anniversary of The Declaration of Independence. I am confident they will succeed!” he adds.

Trump secured an astounding victory over Democratic Party candidate Kamala Harris in the U.S. Elections 2024 as all seven swing states including Pennsylvania, Georgia and North Carolina voted in his favour.

According to Moody’s, the second Trump administration could affect global credit and economic dynamics through changes in US foreign and trade policies. “In the Asia-Pacific region, trade and investment flows might be further diverted away from China as the U.S. tightens investments in strategic sectors, which would negatively affect China’s economy and consequently dampen regional growth. However, this shift might benefit India and ASEAN countries,” the credit rating agency says. Continued U.S.-China polarisation also risks exacerbating geopolitical divisions in the region, increasing risk of disruption to the global supply of semiconductors, says Moody’s.

Department of Government Efficiency

Musk, Ramaswamy to lead ‘Dept of Government Efficiency’ under Trump