President-elect Donald Trump has nominated Howard Lutnick, CEO of Cantor Fitzgerald, as the next U.S. Secretary of Commerce. The announcement was made on November 19, 2024, via Trump's social media platform.
Lutnick, who has served as co-chair of Trump's transition team, will oversee the administration's tariff and trade agenda, including direct responsibility for the Office of the United States Trade Representative.
Trump stated that Lutnick is a 'dynamic force on Wall Street for more than 30 years' and emphasized the importance of his role in implementing significant tariffs, including a proposed 60% tariff on goods from China and up to 20% on all imports.
Previously considered for the Treasury Secretary position, Lutnick has garnered support from high-profile figures such as Elon Musk, who criticized other candidates as 'business-as-usual' choices.
As commerce secretary, Lutnick will lead a department crucial for economic data, trade restrictions, and the development of U.S. industries, particularly in technology sectors.