Trump Nominates Howard Lutnick as Commerce Secretary to Lead Tariff and Trade Agenda

Responsible for US Manufacturing Revival and Measures to Pressure China

Donald Trump, the President-elect of the United States, has nominated Howard Lutnick, co-chairman of the transition team and CEO of investment bank Cantor Fitzgerald, who was initially considered for the Treasury Secretary position, as the Secretary of Commerce for his second administration starting in January next year.

Trump announced this in a statement on the 19th (local time).

He said, "I am very pleased that Howard Lutnick will join my administration as Secretary of Commerce," adding, "He will lead the tariff and trade agenda and will also take on additional direct responsibilities at the U.S. Trade Representative (USTR)."

Lutnick was initially mentioned as a candidate for Treasury Secretary alongside Scott Bessent, CEO of hedge fund Key Square Group. However, internal factional disputes between the two within the transition team, which became publicly exposed, led Trump to broaden the pool of Treasury Secretary candidates and reconsider from scratch. Amid this, Lutnick moved away from the Treasury Secretary candidacy and was selected for the Commerce Secretary position.

Lutnick, a native of New York, is a financial asset holder friendly to cryptocurrencies. He is also a major donor to Trump. Over the past two years, he donated $1 million to Trump through a super PAC (political action committee) and hosted a $15 million fundraising event at his New York residence. As of this year, the total amount he has donated and raised for groups supporting Trump reaches $75 million. He has also actively supported Trump’s promises to raise tariffs and strengthen the manufacturing base.

With Lutnick’s appointment as the first Secretary of Commerce in Trump’s second administration, he is expected to lead efforts to rebuild American manufacturing and industry and strengthen export controls against China. As U.S.-China hegemonic competition intensifies, the role of the Commerce Department is increasingly important, especially with the implementation of the CHIPS and Science Act (CSA) and export control measures on advanced Chinese technologies under the Biden administration. As Trump explained, the Commerce Department, along with the Treasury Department and USTR, is also expected to play a key role in policies to raise tariffs on imports.