Howard Lutnick, a billionaire on Wall Street, has been appointed as the new US commerce secretary, making him the front-runner for Donald Trump‘s trade agenda, which places tariffs as a means of monetary leverage.
The Senate voted 51-45 on Tuesday to review his visit.
Past CEO of Cantor Fitzgerald, Lutnick, has long been a vocal proponent of using tariffs to defend American companies and urging foreign governments to agree to business deals. His new placement places him at the forefront of shaping US monetary policy, especially in those relating to exports of technology, business subsidies, and international trade.
As commerce minister, Lutnick may work closely with the US Trade Representative’s business, reinforcing Trump’s intense approach to business. The administration has previously imposed tariffs on China and imposed extensive duties on US trading partners, including proposed charges of up to 25 % on Canada and Mexico. These taxes, immediately set to take effect in earlier March, have been temporarily paused for negotiations. On March 12, tasks on steel and aluminum exports are expected to go into effect.
During his assurance hearing last month, Lutnick defended taxes, stating,” We may use taxes to create cooperation, fairness and respect”. He dismissed concerns that they contribute to prices, calling for says “nonsense”.
Lutnick has also pledged to be tough with China, particularly in regards to export of technology. He pointed to new artificial intelligence progress by Chinese company DeepSeek, which he said relied on Meta’s open-source system and Nvidia’s cards. ” We need to cease helping them”, he said.
Beyond tariffs, Lutnick will oversee major economic initiatives, including a$ 53 billion programme to boost US semiconductor manufacturing under the 2022 CHIPS and Science Act. He has described the money as an “excellent downpayment” but suggested a review of investments is important. Moreover, he may control efforts to expand broadband online access to over 6.25 million homes across the country.
His responsibility extends to imposing strict penalties on trade agreements with countries like China and Russia, which he has pledged to completely enforce.
Due to Lutnick’s extensive monetary investment, there are concerns about potential conflicts of interest. His financial disclosure statement revealed his role in over 800 organizations and profits of more than$ 350 million over the previous two years. One significant funding includes bets in Greenland’s mine business through Cantor Fitzgerald’s ties to Essential Metal. Trump, who recently floated the idea of purchasing Greenland, has shown strong interest in its natural sources.
A vital figure in Wall Street for years, Lutnick gained national recognition after the September 11 attacks, in which Cantor Fitzgerald lost 658 people, including his brother. He spearheaded the company’s healing and is still a panel member of the Museum’s National September 11 Memorial.
