President-elect Donald Trump is reportedly preparing to nominate Howard Lutnick, the CEO of Cantor Fitzgerald, as the next Secretary of Commerce. This news, which was confirmed by two sources close to the process, comes as a surprise to many in Trump’s inner circle, especially since other potential candidates had been in the running for the prestigious position.
Lutnick Edges Out Other Candidates
Howard Lutnick, who has been serving as the co-chair of Trump’s presidential transition team since August, was long considered a strong contender for a key Cabinet role. His appointment to the role of Commerce Secretary comes after a period of intense competition, particularly with Robert Lighthizer, the U.S. trade representative during Trump’s first term, and Linda McMahon, the former head of the Small Business Administration (SBA) from 2017 to 2019.
Both Lighthizer and McMahon had been widely seen as the leading candidates for the position. McMahon, in particular, had emerged as a favorite, but Lutnick’s nomination now puts him in the lead. Sources close to the transition team indicate that McMahon and Lighthizer were both informed in the days leading up to the announcement that Lutnick had been selected for the role.
BREAKING: Donald Trump selected Howard Lutnick, the billionaire CEO of Cantor Fitzgerald, as Secretary of Commerce.
— Republicans against Trump (@RpsAgainstTrump) November 19, 2024
Lutnick is also co-chair of the Trump transition.
So much for “draining the swamp.” pic.twitter.com/4eFvRagx79
The Transition Team’s Dynamics
Lutnick’s rise to the Commerce Secretary role is notable because of his involvement in the transition process. Over the last several months, he and McMahon had co-chaired the transition team, with Lutnick focusing on personnel matters, including vetting and advising Trump on Cabinet selections. McMahon, on the other hand, was responsible for overseeing policy discussions.
However, McMahon’s frustration reportedly grew as it became clear that Trump was considering Lighthizer for Commerce, while she was being considered for a different role, possibly as an ambassador. The news that Lutnick, her co-chair, would ultimately be appointed to the Cabinet position caught McMahon by surprise and left her feeling sidelined.
What Does the Commerce Secretary Do?
The role of Commerce Secretary is critical in shaping U.S. economic policy, as the position is responsible for overseeing the Department of Commerce, which supports U.S. businesses, fosters economic growth, and manages trade relations with other nations. The Commerce Secretary also plays a key role in negotiating trade deals and promoting foreign investment.
Under Trump’s first term, Commerce Secretary Wilbur Ross was closely involved in the administration’s trade policies, particularly in the ongoing trade war with China. Ross advocated for imposing higher tariffs on Chinese goods, a stance that was heavily criticized but also gained significant traction within the administration.
As Commerce Secretary, Lutnick will be tasked with managing a broad portfolio, including overseeing 13 bureaus within the department, such as the Census Bureau, the National Oceanic and Atmospheric Administration (NOAA), and the U.S. Patent and Trademark Office. However, Lutnick’s tenure may be marked by a more focused approach on tariffs and trade negotiations.
Lutnick’s Views on Tariffs and Economic Policy
Lutnick’s economic views are closely aligned with Trump’s “America First” agenda, particularly his strong support for higher tariffs. In a speech at a Trump campaign rally at Madison Square Garden, Lutnick argued that the U.S. was most prosperous in the early 1900s when there was no income tax, and tariffs were the primary source of government revenue. He highlighted the country’s ability to generate wealth during this period and noted that the nation’s leading businessmen worked together to invest that wealth.
Lutnick’s stance on tariffs is similar to Trump’s previous calls for aggressive tariff policies. During his presidential campaign, Trump promised to impose a 60% tariff on Chinese goods and a 10% tariff on products from other countries. Lutnick’s appointment signals a continued focus on trade policies that prioritize American industries and seek to limit the influence of foreign imports.
HEADS UP: This is @howardlutnick
— M (@DLurkers_) November 19, 2024
He might become Commerce Secretary…
The department states its mission: "to foster, promote, and develop the FOREIGN & DOMESTIC commerce".
If you wanna judge him yourself @APompliano did a 2hr+ podcast with him.
👇👇👇 https://t.co/7axm2IbVZt pic.twitter.com/hQamvsk4Tb
Controversial Comments on Vaccines and Autism
While Lutnick’s professional achievements are widely recognized, his recent comments about vaccines have sparked controversy. During an interview on CNN’s “The Source,” Lutnick defended Robert F. Kennedy Jr.’s unproven claims that vaccines are contributing to higher rates of autism in children. These remarks came amid Trump’s announcement that he had selected Kennedy to serve as Secretary of Health and Human Services, further fueling debate over the administration’s stance on vaccine safety and public health.
Personal History and Leadership
Lutnick’s leadership style and personal background also make him a unique figure within the Trump administration. He rose to prominence as the CEO of Cantor Fitzgerald, an investment firm that suffered significant losses during the September 11 attacks. Lutnick lost several hundred employees, including his own brother, in the tragedy, and he was instrumental in creating a relief fund to support the families of those who perished.
In addition to his business career, Lutnick serves on the board of the National September 11 Memorial and Museum, underscoring his deep personal connection to the events of that day and his commitment to preserving the memory of those lost.
What’s Next for Lutnick?
Lutnick’s nomination as Secretary of Commerce is a pivotal moment in Trump’s second term, and his tenure in the role will likely influence the future of U.S. trade policy. His strong advocacy for tariffs and economic nationalism, combined with his deep business experience, positions him as a key player in shaping the nation’s economic strategy moving forward.
As Trump prepares to take office again, the nomination of Lutnick signals a continuation of his “America First” approach, with an emphasis on securing better trade deals for American businesses and limiting the influence of foreign competition. However, it remains to be seen how Lutnick’s leadership will shape the Commerce Department and whether his views on tariffs will become central to U.S. policy in the years to come.
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