WASHINGTON — President-elect Donald Trump announced on Tuesday his intention to nominate Howard Lutnick, a key transition adviser and billionaire CEO of Cantor Fitzgerald, to head the Commerce Department. In this capacity, Lutnick will be tasked with spearheading the administration’s Tariff and Trade agenda, as well as overseeing the Office of the United States Trade Representative, as outlined in Trump’s statement.
Lutnick, who has been a prominent figure throughout Trump’s transition, has passionately supported the president-elect’s policies, particularly regarding the implementation of tariffs on imported goods. His appointment is significant because the Commerce Department will be instrumental in executing these proposed tariffs.
In a statement expressing gratitude to Trump, Lutnick remarked, “Thank you, President Trump for your trust in me to help Make America Great Again. As the next Secretary of Commerce, I will join the best administration the US has ever seen and unleash our full economic potential.”
Having been with Cantor Fitzgerald since the early 1980s, Lutnick has a long history in financial services, marked by personal tragedy and resilience. He experienced significant loss during the September 11 attacks in 2001, during which many of his colleagues, including his brother, perished. Since then, Lutnick has become a strong advocate for the business community and contributed to New York’s recovery efforts following the attacks.
The announcement comes amid speculation surrounding the remaining Cabinet positions within the Trump administration, particularly the treasury secretary role, a position for which Lutnick was previously considered a leading candidate. His nomination has drawn praise from figures such as Elon Musk, who recently expressed support for Lutnick in his possible new role.
Overall, Lutnick’s extensive experience and unwavering dedication to both the financial sector and public service may bode well for the economic strategies proposed by the future administration, potentially fostering a strong recovery and growth trajectory for the nation’s economy.