President-elect Donald Trump on Nov. 16 nominated billionaire Howard Lutnick as the commerce secretary in his incoming administration.
As Trump expanded his search for treasury secretary, former Federal Reserve Gov. Kevin Warsh quickly emerged as the favorite, topping Wall Street veteran Scott Bessent.
Lutnick, the chairman and CEO of investment giant Cantor Fitzgerald, received the endorsement for the Treasury post from Trump’s inner circle, including billionaire Elon Musk.
Robert F. Kennedy Jr., who Trump nominated to lead the Department of Health and Human, also backed Lutnick due to his support for bitcoin.
The Department of Commerce, presently headed by Gina Raimondo, will play a crucial role in Trump’s tariff plans.
On the 2024 election campaign trail, the president-elect proposed an across-the-board tariff of 10 to 20 percent on imports and levies ranging from 60 to 100 percent on goods from China.
He told CNBC that while it might raise prices on some consumer goods, it would push consumers to shift their preference to products manufactured in the United States. He also called using tariffs as a negotiating instrument a “win-win scenario.”
Tariffs could also be a revenue generator for the federal government, with Trump suggesting that the income tax could be eliminated in favor of trade levies.
Speaking at the Madison Square Garden rally last month, Lutnick appeared to endorse this strategy.
Who Is Howard Lutnick?
In mid-August, Trump named two billionaires as co-chairs of his transition team: Linda McMahon, the former head of the Small Business Administration (SBA), and Lutnick.
As co-chair of the Trump transition team, Lutnick’s role involves selecting administration candidates, vetting personnel, and helping to craft policy.
He was personally impacted by the Sept. 11 terror attacks that killed 658 Cantor Fitzgerald employees, including his brother Gary Lutnick. The company lost two-thirds of its workforce, making it one of the hardest-hit firms in the tragedy.
On the morning of Sept. 11, 2001, Lutnick changed his schedule to drop his son, Kyle, off at kindergarten. He ended up running late for work, a delay that ultimately saved his life.
Following the tragedy, Lutnick established the Cantor Fitzgerald Relief Fund, a nonprofit organization designed to assist families of the firm’s employees who died during the tragic event.
For decades, Lutnick has been actively involved in philanthropic endeavors.
Cantor Fitzgerald and BGC Partners also host a Global Charity Day event and donate 100 percent of the day’s revenues to charity.
Before the 2024 election, Lutnick maintained a low political profile, donating to Republicans and Democrats.
A long-time friend of Trump’s, the Wall Street veteran has identified a long list of the president-elect’s proposed policies he supports, such as those related to cryptocurrency, immigration, tariffs, and Israel.
