President-elect Donald Trump has announced that he plans to nominate Howard Lutnick, the head of Cantor Fitzgerald, as the new commerce secretary. If confirmed, Lutnick would play a major role in carrying out Trump’s plan to raise and enforce tariffs, which are taxes on imported goods.
Lutnick, who has been a strong supporter of Trump, is also one of the leaders of Trump’s transition team, helping select people for key roles in the upcoming administration. He’s donated millions of dollars to Trump’s re-election campaign and hosted a fundraiser in August that raised $15 million. Lutnick has also contributed $5 million to Trump’s political action committee, according to federal records.
As commerce secretary, Lutnick would oversee a large government agency that handles everything from economic data and trade restrictions to funding new tech projects like computer chip factories. This job requires strong connections to business leaders, and Lutnick is no stranger to the business world. He’s been with Cantor Fitzgerald since 1983 and became CEO at just 29 years old. He’s also known for his passion for tariffs, which he believes are a great way to protect American workers. During the campaign, Trump proposed a 60% tariff on Chinese goods and up to a 20% tariff on all other imports, with Lutnick supporting this idea.
Despite his enthusiasm for tariffs, many economists question whether they are an effective way to boost the economy. However, Lutnick argues that tariffs will lead to fairer deals with other countries and help American workers.
Lutnick’s nomination has sparked some interest because of his background and connections in the business world, but also because he was under consideration for the role of treasury secretary, a position that’s highly important in the world of finance. Some of Trump’s allies, including billionaire Elon Musk, even suggested Lutnick would be a better choice for treasury secretary than Scott Bessent, the original front-runner.
Lutnick is also known for his generosity. After the 9/11 attacks, Cantor Fitzgerald, where he works, lost a large portion of its workforce. Lutnick himself survived because he was late to work that day. Since then, he and his company have donated millions to families affected by 9/11.
Overall, Lutnick’s nomination for commerce secretary is a big deal, with his business experience, support for Trump’s policies, and history of helping others making him a key figure in the new administration.
