WASHINGTON (AP) — The president-elect Donald Trump chose Howard Lutnick, CEO of investment bank Cantor Fitzgerald and cryptocurrency enthusiast, as his nominee for Secretary of Commerce, a position in which he would play a key role in implementing the new government’s plans to increase and enforce tariffs.
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Lutnick is co-chair of Trump's transition team, along with Linda McMahon, the former wrestling executive who previously led Trump's Small Business Administration. Both are tasked with proposing candidates for key roles in the upcoming administration.
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The nomination would place Lutnick at the helm of a cabinet agency that is involved in financing new computer chip factories, imposing trade restrictions, publishing economic data, and monitoring the climate. It is also a position where connections with CEOs and the wider business community are crucial.
Who is Howard Lutnick?
A proponent of imposing tariffs, Lutnick told CNBC in September that "tariffs are an incredible tool for the president to use, as we need to protect the American worker."
During the electoral campaign, Trump proposed a 60% tariff on goods coming from China and a tariff of up to 20% on everything else that the United States imports.
Conventional economists are generally skeptical of tariffs, considering them a mostly inefficient way for governments to raise money and promote prosperity.
Lutnick had been considered for Secretary of the Treasury, a role that has been at the center of maneuvers within the Trump world.
At the same time, the Treasury's position is closely monitored in financial circles, where a disruptive nominee could have immediate negative consequences on the stock market, which the Republican magnate closely watches.
The news also comes after billionaire Elon Musk and others in Trump's orbit called for the previous favorite for Treasury Secretary, Scott Bessent, to be discarded in favor of Lutnick.
The position of Secretary of the Treasury is one of the most important in the United States government, higher than that of Secretary of Commerce, as it defines economic policies.
Musk said in his post that "choosing Bessent would keep everything the same, while Howard Lutnick would actually promote a change".
Now alongside Bessent, Kevin Warsh is also being mentioned as a candidate to be Treasury Secretary.