Howard Lutnick Chosen by Trump as Commerce Secretary
The incoming commerce secretary will play a crucial role in the president-elect’s tariff plans.
President-elect Donald Trump on Nov. 16 nominated billionaire Howard Lutnick as the commerce secretary in his incoming administration.
However, as Trump broadened his search for treasury secretary, former Federal Reserve Gov. Kevin Warsh emerged as the favorite, surpassing Wall Street veteran Scott Bessent.
Lutnick, who is the chairman and CEO of Cantor Fitzgerald, garnered support for the Treasury position from Trump’s inner circle, including billionaire Elon Musk.
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Robert F. Kennedy Jr., Trump’s nominee for the Department of Health and Human Services, also supported Lutnick, citing his backing for bitcoin.
The Department of Commerce, currently led by Gina Raimondo, will have a pivotal role in implementing Trump’s tariff strategies.
During the 2024 election campaign, the president-elect proposed imposing a universal tariff of 10 to 20 percent on imports and varying rates of 60 to 100 percent on products from China.
He explained on CNBC that while this might increase prices on certain consumer goods, it would encourage consumers to choose domestically-produced items. He also described using tariffs as a negotiation tool as a “win-win situation.”
Tariffs could also serve as a source of revenue for the government, with Trump proposing the elimination of income tax in favor of trade levies.
At a rally in Madison Square Garden last month, Lutnick seemed to endorse this approach.
“When was America great?” he asked. “In 1900, 125 years ago, our economy was booming. We had no income tax, just tariffs.”
This is a developing story and will be updated.
