President-elect Donald Trump has selected Howard Lutnick, the CEO of Cantor Fitzgerald, as his nominee for the secretary of the Department of Commerce. Lutnick, who has been serving as the co-chair of Trump’s presidential transition team, was in contention for the role of Treasury secretary but ultimately landed the Commerce position.
Lutnick’s appointment came as a surprise to many, as other contenders like Robert Lighthizer and Linda McMahon were informed last minute that Lutnick had secured the job. McMahon, who had been leading the race for the role, was left disappointed after Trump decided to go with Lutnick.
As Commerce secretary, Lutnick will be responsible for supporting US businesses and engaging in trade negotiations with other countries to boost foreign investment. The Commerce Department oversees various bureaus, including the Census Bureau, the National Oceanic and Atmospheric Administration, and the Patent and Trademark Office.
During Trump’s first term, former Commerce Secretary Wilbur Ross played a significant role in the trade war with China and advocated for imposing higher tariffs. Lutnick, who has been vocal about his support for tariffs, believes that the US was most prosperous in the early 1900s when tariffs were high and income tax was non-existent.
However, Lutnick has faced criticism for his comments on vaccines and autism, as well as his ties to Robert F. Kennedy Jr., who was appointed as the Health and Human Services secretary by Trump. Despite these controversies, Lutnick is known for his philanthropic efforts, particularly his work in setting up a relief fund for families affected by the September 11, 2001 terrorist attacks.
In addition to his role as Commerce secretary, Lutnick also serves on the board of the National September 11 Memorial and Museum, showcasing his commitment to honoring the victims of the tragic event. As he steps into his new position, Lutnick will have the opportunity to shape US trade policies and promote economic growth in the country.
