Trump Selects Wall Street Billionaire Howard Lutnick as Commerce Secretary

On Tuesday, November 19th, President-elect Donald Trump announced his selection of Howard Lutnick, CEO of Cantor Fitzgerald, as the next Secretary of Commerce. Lutnick, who has been co-chairing Trump’s transition team, is expected to lead the administration’s efforts on trade and tariffs, which are central to Trump’s economic agenda.

“He will lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative,” Trump said in a statement, highlighting Lutnick’s role in advancing the administration’s ambitious trade policies.

Lutnick has been an outspoken supporter of tariffs, calling them a cornerstone of economic prosperity in the early 20th century. At a recent campaign rally, he remarked, “We had so much money that we had the greatest businessmen of America get together to try to figure out how to spend it.” His views align with Trump’s proposed 60% tariffs on Chinese goods and 10% on other imports.

The Commerce Department oversees U.S. trade negotiations, foreign investment, and agencies such as the National Oceanic and Atmospheric Administration (NOAA) and the Patent and Trademark Office. Under Trump’s proposed reforms, some departments within Commerce, like NOAA, may face restructuring.

Lutnick’s appointment follows weeks of speculation and competition among candidates. Trump chose Lutnick over Linda McMahon, former head of the Small Business Administration, and Robert Lighthizer, Trump’s first-term trade representative. Both contenders were informed of Trump’s decision shortly before the announcement.

Lutnick’s personal story also speaks to resilience. He led Cantor Fitzgerald through the aftermath of the September 11th, 2001, terrorist attacks, which claimed the lives of hundreds of employees, including his brother. Following the tragedy, he established a relief fund for families and became a key figure in New York’s recovery efforts.

Lutnick expressed his gratitude: “Thank you, President Trump, for your trust in me to help Make America Great Again. As the next Secretary of Commerce, I will join the best administration the U.S. has ever seen and unleash our full economic potential.”

With Lutnick’s nomination, Trump continues to shape a Cabinet focused on economic reform, placing a strong emphasis on trade and industry as key priorities.