WASHINGTON (AP) — President-elect Donald Trump has chosen Howard Lutnick, head of brokerage and investment bank Cantor Fitzgerald and cryptocurrency enthusiast, as his nominee for commerce secretary.
The nomination would put Lutnick in charge of a sprawling Cabinet agency that is involved in funding new computer chip factories, imposing trade restrictions, releasing economic data and monitoring the weather. It is also a position in which connections to CEOs and the wider business community are crucial.
Lutnick, a co-chair of Trump’s transition team, along with Linda McMahon, the former wrestling executive who previously led Trump’s Small Business Administration, once appeared on Trump’s NBC reality show, “The Apprentice.” He has become a part of the president-elect’s inner circle.
Here are things to know about the billionaire who, if confirmed by the Senate, will lead the Commerce Department.
He was Elon Musk’s pick to lead the Treasury Department
Elon Musk and others in Trump’s orbit called on Trump last week to dump previous front-runner for treasury secretary, Scott Bessent, in favor of Lutnick. Musk said in a post that “Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change.”
The treasury role has been at the center of an unusual high-profile jockeying within the Trump world. At the same time, the position is closely watched in financial circles, where a disruptive nominee could have immediate negative consequences on the stock market, which Trump watches closely. Trump has yet to decide on one of the top remaining vacancies in his proposed cabinet.
The major remaining nominees for the role are Bessent, former Federal Reserve board governor Kevin Warsh, Apollo Global Management Chief Executive Marc Rowan, and Tennessee Sen. Bill Hagerty, Trump’s former Japan ambassador.
He is a major supporter of Trump’s tariffs plan
Trump on the campaign trail proposed a 60% tariff on goods from China — and a tariff of up to 20% on everything else the United States imports. On the campaign trail, Trump portrayed the taxes on imports as both a negotiating tool to hammer out better trade terms and as a way to generate revenue to fund tax cuts elsewhere.
An advocate for imposing wide-ranging tariffs, Lutnick gave full-throated support for Trump’s tariffs plan in a CNBC interview in September. “Tariffs are an amazing tool for the president to use — we need to protect the American worker,” he said.
Mainstream economists are generally skeptical of tariffs, considering them a mostly inefficient way for governments to raise money and promote prosperity.