Key Takeaways
- Donald Trump is expected to nominate Howard Lutnick as Commerce secretary.
- The Commerce Department will play a central role in tariffs and US-China tech relations.
Donald Trump is expected to nominate Cantor Fitzgerald CEO Howard Lutnick as Commerce Secretary, according to a post on X by punchbowl.
Lutnick, a veteran Wall Street financier and vocal supporter of Trump’s economic agenda, would oversee an agency focused on expanding US economic growth and boosting domestic industries.
The Commerce Department will play a central role in implementing Trump’s proposed tariffs on US imports and maintaining ties with the business community.
The department’s oversight of American export controls has positioned it at the center of US-China tech relations, particularly regarding semiconductor technology and artificial intelligence development.
Lutnick, who serves as co-chair of Trump’s transition team, was previously considered for Treasury Secretary but fell out of contention amid tensions with another candidate, Scott Bessent.
If confirmed by the Senate, Lutnick would need to step away from his leadership roles at Cantor Fitzgerald, BGC Group, and real estate brokerage Newmark Group.
The Commerce Secretary position would put him in charge of diverse functions, from ocean navigation regulation to census management, while enforcing rules designed to prevent China from accessing sensitive US technology.
Lutnick has defended Trump’s economic proposals despite concerns from Wall Street about potential trade wars and consumer price increases.
In a recent CNBC interview, he acknowledged that tariffs would lead to some price increases.
Source: https://cryptobriefing.com/lutnick-commerce-secretary-trump/