Howard Lutnick Confirmed as Commerce Secretary, Set to Oversee Trump's Trade Policies

Howard Lutnick Confirmed as Commerce Secretary

The Senate confirmed Howard Lutnick, a wealthy financier and staunch supporter of President Trump's trade policies, as Commerce Secretary on Tuesday. Lutnick, who previously served as CEO of investment firm Cantor Fitzgerald, will oversee a department with 50,000 employees responsible for tasks ranging from collecting economic data to conducting the census and issuing weather reports.

However, a significant portion of his time is likely to be dedicated to managing the President's aggressive plans to impose import taxes on US trading partners, both allies and adversaries. This aligns with Trump's view of tariffs as a versatile economic tool, capable of raising funds for tax cuts, protecting US industries, and pressuring other countries into concessions on trade barriers, immigration, and drug trafficking.

While mainstream economists generally view tariffs as counterproductive, Lutnick dismissed this notion during his confirmation hearing, expressing support for deploying tariffs "country by country" to force other countries into lowering barriers to American exports. This aligns with Trump's recent announcement of "reciprocal" tariffs, aiming to match the import tax rates imposed by other countries on US goods. This move would significantly alter the rules governing global trade for decades.

Prior to his confirmation, Lutnick served as CEO of Cantor Fitzgerald when its offices were tragically struck during the September 11th attacks on the World Trade Center. The firm lost two-thirds of its employees, including Lutnick's brother. He subsequently led the firm's recovery and currently serves on the Board of Directors of the National September 11 Memorial & Museum.

Lutnick has pledged to divest his business holdings, which are extensive and include positions in over 800 businesses and private organizations.