In the lead-up to a new administration, President-elect Donald Trump is reportedly set to nominate Howard Lutnick, the CEO of Cantor Fitzgerald, as the Secretary of Commerce. Insiders close to the nomination process have fully informed major news outlets, including CNN, about this expected appointment. Lutnick has been a prominent figure in Trump’s presidential transition team, serving as co-chair since August and has been actively involved in discussions about cabinet appointments and roles within the new government structure.
Lutnick was engaged in a competitive selection process for the role of Treasury Secretary, alongside hedge fund manager Scott Bessent. This rivalry added a layer of intrigue to the already dynamic scenario, as Lutnick had thrown his name into contention for that high-profile position. However, in a surprising turn of events, Trump decided to appoint Lutnick as the Commerce Secretary, a position previously thought to be going to Robert Lighthizer, the U.S. Trade Representative during Trump’s first term, or Linda McMahon, who served as the Administrator of the Small Business Administration between 2017 and 2019.
The decision to appoint Lutnick seems to have caught several observers within Trump’s inner circle off guard. Initially, McMahon appeared to be the frontrunner for the position, and there had recently been speculation that Lighthizer was also in contention. Despite these insights, Trump ultimately opted for Lutnick, who had worked closely alongside McMahon, particularly in overseeing personnel matters and vetting potential cabinet nominees during the transition period. McMahon expressed frustration during the selection process when her expectations for the Commerce role were not met, particularly after learning that Trump’s consideration of Lighthizer placed her in a secondary position.
In the role of Commerce Secretary, Lutnick will be tasked with promoting U.S. businesses and fostering international trade relations. The Commerce Department includes 13 vital bureaus, such as the National Oceanic and Atmospheric Administration (NOAA), the U.S. Census Bureau, and the Patent and Trademark Office. Historically, the Commerce Secretary works closely with other cabinet members to shape and implement economic policies. Wilbur Ross, the preceding Secretary during Trump’s earlier term, was heavily involved in trade negotiations, particularly the contentious trade war with China.
Interestingly, Lutnick had previously stated at a campaign rally held at Madison Square Garden that he believed the United States experienced its greatest prosperity in the early 20th century when income tax was virtually nonexistent, and tariffs were the primary form of revenue. His remarks included an assertion that there was an excess of wealth leading to significant entrepreneurial mobilization. Lutnick has been a strong advocate for higher tariffs, aligning with Trump’s past proposals to impose steep tariffs on goods imported from China and other countries.
Despite his background in finance and business, Lutnick has not been without controversy. He recently faced backlash for defending a contentious theory proposed by Robert F. Kennedy Jr. about vaccines and autism. Trump has appointed Kennedy as his choice for the Secretary of Health and Human Services in his incoming administration, marking a significant alignment in viewpoints between the two.
In a personal revelation, Lutnick is noted for his philanthropic efforts post-9/11, after the tragic attacks on the World Trade Center led to significant loss for his company, Cantor Fitzgerald, which lost several hundred employees. He initiated a relief fund to support families affected by that tragedy, and he remains active as a board member for the National September 11 Memorial and Museum, thus maintaining a strong connection to the events that deeply impacted him and the nation.
Thus, as Lutnick prepares to step into his new role, his previous experiences, combined with his strong advocacy for business growth and position on trade tariffs, will undoubtedly shape his early policies in office. The nomination marks another significant shift within Trump’s cabinet as the president-elect solidifies his team for the new administration. This article has been updated to reflect the most recent developments concerning Lutnick’s nomination and other related news, with contributions from CNN’s Ella Nilsen providing an additional layer of reporting and context.
