Trump faucets crypto advocate Howard Lutnick as commerce secretary

President-elect Donald Trump introduced Howard Lutnick, CEO of economic companies agency Cantor Fitzgerald, as his nominee for Secretary of Commerce on Nov. 19.

The choice positions Lutnick, a vocal proponent of protectionist commerce measures and cryptocurrencies, on the helm of US financial coverage, centered on tariffs and commerce reform.

Trump mentioned in an announcement:

“Howard will lead our Tariff and Commerce agenda, with further oversight of the Workplace of the USA Commerce Consultant.”

Shock nomination

Lutnick has been a distinguished determine in Trump’s transition workforce, co-chairing the method and advising on Cupboard picks. His nomination for Commerce Secretary follows months of hypothesis, with Lutnick reportedly shifting his focus to this function after initially looking for the Treasury Secretary place.

The choice stunned some, as Linda McMahon, former head of the Small Enterprise Administration, was thought-about the main candidate. She co-chaired the transition workforce alongside Lutnick, specializing in coverage initiatives. Robert Lighthizer, who served as US Commerce Consultant throughout Trump’s first time period, was additionally in rivalry.

In his new function, Lutnick will oversee vital bureaus such because the Census Bureau, the Nationwide Oceanic and Atmospheric Administration (NOAA), and the Patent and Trademark Workplace.

The Commerce Division’s obligations embody negotiating worldwide commerce offers, selling overseas funding, and supporting home companies.

Tariffs on the agenda

Lutnick’s appointment is anticipated to align with Trump’s broader financial agenda, which incorporates sweeping tariff proposals and potential restructuring of federal businesses like NOAA.

Lutnick has been a robust advocate for tariffs, describing them as key to US financial success in earlier eras. Talking at a marketing campaign rally, he famous that tariffs as soon as funded the federal government and spurred unprecedented industrial progress.

Trump has proposed imposing 60% tariffs on items from China and 10% on imports from different international locations, measures aimed toward decreasing commerce deficits and bolstering home manufacturing.

If confirmed, Lutnick can be tasked with executing Trump’s ambitious commerce insurance policies and reshaping US financial relations overseas, a job more likely to affect each home industries and world markets.