US President-elect Donald Trump has chosen Howard Lutnick, CEO of brokerage and investment firm Cantor Fitzgerald, as his nominee for commerce secretary.
A Long Island, New York native with a background in trading and real estate, Lutnick has been a vocal supporter of Trump on Wall Street, hosting fundraisers and advocating for Trump’s policies during media appearances.
Lutnick's appointment aligns with Trump's vision to revitalize American manufacturing and promote cryptocurrency adoption, introducing a strong Wall Street presence to the administration.
As commerce secretary, Lutnick would oversee a wide-ranging department tasked with responsibilities including funding new semiconductor manufacturing, regulating trade restrictions, releasing critical economic data, and even monitoring weather patterns. His extensive connections with CEOs and the business community make him a strategic choice for the role.
Lutnick’s leadership would also place him at the forefront of the US-China tech competition. The Commerce Department plays a vital role in enforcing policies to limit China’s access to critical technologies, such as semiconductors and advanced manufacturing equipment. These measures are designed to curb China’s advancements in artificial intelligence and hinder major tech firms like Huawei and Semiconductor Manufacturing International Corporation.
While Lutnick has not frequently addressed US-China relations, he is a staunch proponent of tariffs targeting Beijing. In a recent podcast, he reportedly said, “Don’t tax our people. Make money instead. Put tariffs on China and make $400 billion."
Previously, Lutnick served as co-chair of Trump’s transition team and was considered for roles such as treasury secretary.
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