U.S. President-elect Donald Trump has nominated Howard Lutnick, co-chair of his transition team and CEO of financial services firm Cantor Fitzgerald, as his commerce secretary. The move underscores the incoming administration’s intention to adopt a more aggressive stance on China and global trade.
In a statement, Trump announced that Lutnick would spearhead the country’s tariff and trade agenda, including direct oversight of the Office of the United States Trade Representative. Tariffs remain a cornerstone of Trump’s economic plan, with the president-elect pledging sweeping import duties upon taking office.
Lutnick, originally considered a frontrunner for the treasury secretary role, will instead lead the Commerce Department, which is central to boosting U.S. industry. The department also plays a critical role in policies to strengthen the U.S. semiconductor sector and reduce reliance on Asia.
Under President Joe Biden, the Commerce Department tightened export controls on advanced technologies like quantum computing and semiconductors, targeting access by adversaries such as China. Trump’s administration, with Lutnick at the helm, is expected to intensify this approach.
### **Proposed Tariff Hikes and Economic Reforms**
During the election campaign, Lutnick proposed a 60% tariff on Chinese goods and a 10% blanket tariff on all imports, aligning with Trump’s vision to counter economic practices he says have undermined American manufacturing. Lutnick has been vocal about the loss of U.S. manufacturing jobs and offshoring to China.
“China is attacking America from its guts,” Lutnick said in a recent interview, where he also blamed China for the fentanyl crisis fueling tens of thousands of overdose deaths annually.
### **Crypto Advocacy and Policy Vision**
Lutnick’s nomination drew praise from key figures like health secretary nominee Robert F. Kennedy Jr. and billionaire Elon Musk, who highlighted his strong support for cryptocurrency, particularly Bitcoin. Musk, whom Trump has tapped to lead a new Department of Government Efficiency, criticized traditional economic policies and supported Lutnick’s appointment as a disruptor.
Aside from his leadership at Cantor Fitzgerald, Lutnick also heads fintech firm BGC Group and real estate services firm Newmark Group. He holds an economics degree from Haverford College.
As co-chair of Trump’s transition team, Lutnick has been instrumental in selecting personnel for the president-elect’s administration, reflecting a strong alignment with Trump’s economic and trade priorities.
