The president-elect of the United States, Donald Trump, on Tuesday chose billionaire Howard Lutnick as Secretary of Commerce, a position from which he will lead the implementation of his protectionist policy, focused on the imposition of high tariffs, especially against China. Lutnick is CEO of the financial firm Cantor Fitzgerald and has been a close collaborator of Trump during the election campaign, to which he donated millions of dollars.
In a statement, Trump explained that Lutnick will also assume “additional direct responsibility” for the Office of the United States Trade Representative (USTR), an independent agency that works alongside the Department of Commerce in the imposition of duty.
Although Trump has not yet announced who will lead the USTR, the assignment of responsibilities to Lutnick points to a coordinated approach on trade strategy. Since last August, Lutnick has served as co-chair of the transition team, advising the Republican in the selection of his cabinet.
His appointment, however, does not guarantee that he can automatically take office when Trump takes office on January 20, 2025, since the nomination must first be evaluated by a Senate committee and, subsequently, voted on in the plenary session, where it will need a simple majority of 51 votes. Starting in January, Republicans will control both the Senate and the House of Representatives, which paves the way for his confirmation without major complications.
Lutnick’s name was being suggested to head the Treasury Department, but Trump has decided to evaluate other candidates for that position and has chosen him to lead his protectionist trade strategy, according to transition team sources cited by US media such as Axios.
The 63-year-old businessman has been a fervent defender of Trump’s economic agenda for years, including his tariff proposals, which have generated concern in some sectors of Wall Street.
At a campaign event last month at Madison Square Garden in New York, Lutnick noted that the United States reached its greatest prosperity in the early 20th century, when “there was no income tax and everything was financed by tariffs.”
During the campaign, Trump assured that he would save jobs in the country by imposing tariffs of up to 20% on all imported products and 60% on those from China, which would intensify the trade war.
Trump’s main target is the automotive industry and he has threatened tariffs of up to 200% on all cars coming from Mexico to discourage Chinese manufacturers from setting up shop in that country.
Aside from his business work, Lutnick is also known for the role he played following the terrorist attacks of September 11, 2001, which deeply affected his company.
Cantor Fitzgerald’s offices were located on the upper floors of the North Tower of the World Trade Center, where hundreds of employees, including Lutnick’s brother, lost their lives.
Since then, it organizes an annual charity event to commemorate the victims of the attacks and raise funds that it donates to charitable organizations around the world.
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