Trump picks billionaire Howard Lutnick as Commerce Secretary

He president-elect Donald Trump has chosen Howard Lutnick, head of the Cantor Fitzgerald brokerage and investment bank and a cryptocurrency enthusiast, as its nominee for Commerce secretary, a position in which he would play a key role in implementing Trump’s plans to increase and enforce tariffs.

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 next administration.

The nomination would put Lutnick at the head of a Cabinet agency that is involved in financing new computer chip factories, imposing trade restrictions, publishing economic data and monitoring the weather. It’s also a position where connections with CEOs and the broader business community are crucial.

An advocate of imposing tariffs, Lutnick told CNBC in September that “tariffs are an incredible tool for the president to use – we need to protect the American worker.” Trump in the election campaign proposed a 60% tariff on goods from China – and a tariff of up to 20% on everything else the United States imports.

Mainstream economists are generally skeptical of tariffs, viewing them as a largely inefficient way for governments to raise money and promote prosperity.

Lutnick had been considered for Treasury secretary, a role that has been at the center of maneuvers within the Trump world. At the same time, Treasury’s position is closely watched in financial circles, where a disruptive nominee could have immediate negative consequences on the stock market, which Trump watches closely.

The news also comes after billionaire Elon Musk and others in Trump’s orbit called on Trump to drop the previous favorite for Treasury secretary, Scott Bessent, in favor of Lutnick. Musk said in his post that “choosing Bessent would be leaving everything the same, while @howardlutnick will truly promote change.”

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