US President-elect Donald Trump has named Howard Lutnick, co-chair of his transition team, as his commerce secretary. This appointment is expected to signal a firmer approach to China from the upcoming administration.
Lutnick will oversee the nation’s tariff and trade policy, including direct responsibility for the Office of the United States Trade Representative, as noted in Trump’s statement. Tariffs play a crucial role in Trump’s economic strategy, and he has pledged extensive duties on all imports once he takes office.
Currently, Lutnick serves as CEO of Cantor Fitzgerald, a financial services firm, and was previously considered a leading candidate for the Treasury Secretary position. Instead, he will manage the Commerce Department, which plays a vital role in enhancing U.S. industry and shaping policies aimed at strengthening the semiconductor sector while decreasing dependence on Asian markets.
During President Joe Biden’s administration, the Commerce Department implemented stricter export controls on critical technologies, including quantum computing and semiconductor manufacturing, targeting adversaries like China. The Trump administration is anticipated to adopt an even tougher stance on these issues.
Throughout the election campaign, Lutnick advocated for a 60 percent tariff on Chinese goods and a 10 percent tariff on all imports, proposals that align with Trump’s criticism of countries he accuses of “ripping us off for years.” Lutnick expressed concerns over the offshoring of manufacturing jobs to China, emphasizing his support for Trump by stating, “I’m all in with Donald Trump.”
In a recent podcast interview, he criticized electric vehicles as “coastal elite nonsense” and pointed to China as the source of fentanyl issues in the U.S.; a drug that has contributed to tens of thousands of overdose deaths annually. “China is attacking America from its guts,” he stated.
Lutnick was initially favored to lead the Treasury Department, but a public dispute over the position emerged. Trump’s health secretary nominee, Robert F. Kennedy Jr., publicly endorsed Lutnick, claiming he would be a strong advocate for Bitcoin. Elon Musk also showed his support for Lutnick while criticizing other candidates as “business-as-usual choices,” insisting that change is necessary to avoid further economic decline.
In addition to Cantor Fitzgerald, Lutnick is at the helm of BGC Group and Newmark Group. He holds a degree in economics from Haverford College.
As co-chair of Donald Trump’s transition team, Lutnick is currently tasked with pinpointing new appointments for the president-elect’s administration.
