On November 19th (Tuesday) Eastern Time, President-elect Donald Trump nominated veteran Wall Street financier Howard Lutnick as the next U.S. Secretary of Commerce. "I am excited to announce that Howard Lutnick, Chairman and CEO of Cantor Fitzgerald, will join my administration as Secretary of Commerce. He will lead our tariff and trade agenda and oversee the work of the Office of the U.S. Trade Representative," Trump posted on Truth Social on Tuesday. According to Trump, Lutnick will not only lead the Department of Commerce but will also be “directly responsible” for the Office of the U.S. Trade Representative.
The office was established in 1974 and has reported directly to the president in previous administrations, overseeing negotiations with U.S. trading partners. In response, Wendy Cutler, Vice President of the Asia Society Policy Institute, stated that it is "very rare" for the Office of the U.S. Trade Representative to submit reports to the Department of Commerce.
And it noted that previous proposals to merge the Office of the Trade Representative into the Department of Commerce had stalled due to opposition from Congress. Trump’s transition team has not responded to detailed questions about Lutnick's responsibilities, including whether he would also serve as the U.S. Trade Representative. Traditionally, the U.S. Trade Representative is the highest position in the federal government responsible for trade affairs. This appointment has also sparked speculation about whether Trump’s former U.S. Trade Representative and tariff policy architect Robert Lighthizer would join the new administration. Previously, Lighthizer was considered a strong candidate for either U.S. Trade Representative or Secretary of Commerce. However, this appointment has somewhat alleviated the ongoing public disputes within Trump's team.
Previously, hedge fund manager Scott Bessent and Lutnick were both vying for the position of Treasury Secretary. Ultimately, Lutnick received broad support, including from billionaire entrepreneur Elon Musk. Musk stated on social media that the CEO of Cantor Fitzgerald "will truly bring change." Sources revealed that Trump was frustrated with the internal conflicts within the team and was considering other candidates for the Treasury Secretary position, the highest economic position. Trump plans to meet with former Federal Reserve governor Kevin Walsh in the next day or two, while Mark Rowan, CEO of Apollo Global Management, and Tennessee Senator Bill Hagerty are also on Trump's list of considerations. Lutnick, 63, who comes from Wall Street and advocates for increased tariffs, is the founder and CEO of financial services firm Cantor Fitzgerald. He has known Trump for many years, is a friend and supporter of Trump, actively promoting Trump's connections with the financial sector, and endorsing his populist agenda.
Lutnick graduated from Haverford College and joined Cantor Fitzgerald in 1983, becoming President and CEO in 1991. His brother, Gary Lutnick, was one of the 658 Cantor employees who died in the 2001 9/11 attacks. After the tragedy, Howard Lutnick successfully rebuilt the company and gained widespread recognition. Lutnick has also participated in the reality show hosted by Trump (Celebrity Apprentice).
During Trump's presidential campaign, he was an important financial supporter of Trump and a member of Trump's core circle to "Make America Great Again." Throughout the campaign, Lutnick repeatedly campaigned for Trump across the country. He criticized the loss of American manufacturing jobs overseas, mocked the "absurd remarks" of the coastal elites on electric vehicles, and harshly condemned high inflation. In public speeches, he stated: "High inflation is one of the worst acts against the people of this country."
Last month, at a Trump rally, he stated that the early 20th century was the most prosperous time in America, when "there was no income tax, only tariffs." He also stated that Trump would push to increase tax rates for large American companies such as Apple and Tesla, a measure that would apply to all large corporations. Some of Lutnick's "destructive" comments have made the market anxious. Hedge fund manager Kyle Bass said last week that after Trump's victory, the U.S. stock market initially rose, but when news broke that Lutnick might be appointed Treasury Secretary, the stock market immediately fell.#BabyMarvinf9c7您拥有您值得
