Howard Lutnick: Trump's choice for commerce secretary is a Musk pick, avid crypto fan and big tariff backer

Synopsis

Donald Trump has nominated Howard Lutnick for the position of commerce secretary. Lutnick is the head of Cantor Fitzgerald and a cryptocurrency enthusiast. He was also a co-chair of Trump's transition team. Lutnick is known for his support of Trump's tariffs plan and cryptocurrency.

President-elect Donald Trump has chosen Howard Lutnick to be the next Commerce Secretary. Lutnick heads the brokerage and investment bank Cantor Fitzgerald.

The Commerce Department oversees a variety of areas including computer chip factory funding, trade restrictions, economic data, and weather monitoring. The position also requires strong ties to business leaders.

Lutnick served as co-chair of Trump's transition team alongside Linda McMahon. He also appeared on Trump's show "The Apprentice."

Lutnick is Musk's pick

Elon Musk and others close to Donald Trump urged the former president to choose Howard Lutnick over Scott Bessent for Treasury Secretary. Bessent was initially the leading candidate. Musk posted online that “Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change.”

The selection process for Treasury Secretary has drawn significant attention. Financial experts are concerned that an unconventional choice could negatively impact the stock market, which Trump monitors closely. Trump has not yet filled the position.

The remaining candidates for the position include Bessent, former Federal Reserve board governor Kevin Warsh, Apollo Global Management Chief Executive Marc Rowan, and former ambassador to Japan Bill Hagerty.

Lutnick: A major backer of Trump's tariff plan

Former President Donald Trump proposed significant tariffs on imports during his campaign. The plan included a 60% tariff on goods from China and up to 20% on all other imports. Trump presented these tariffs as a way to improve trade deals and generate revenue for tax cuts.

Lutnick expressed support for Trump's plan. In a CNBC interview, he stated, “Tariffs are an amazing tool for the president to use — we need to protect the American worker."

However, economists generally view tariffs with skepticism. They argue that tariffs are an inefficient way for governments to raise money and encourage economic growth.

Lutnick a big supporter of cryptos

Lutnick expressed his support for the cryptocurrency industry, particularly Tether, at a recent bitcoin conference. He drew a comparison between Bitcoin and gold, advocating for its unrestricted global trade.

“Bitcoin is like gold and should be free trade everywhere in the world,” Lutnick said. “And as the largest wholesaler in the world we’re going to do everything in our power to make it so. Bitcoin should trade the same as gold everywhere in the world without exception and without limitation.”

Cryptocurrencies are digital currencies traded online, independent of the traditional banking system, with Bitcoin being the most well-known.

"Face of September 11th"

Trump's announcement highlighted Lutnick's experience after the September 11th attacks. He lost his brother and 658 Cantor Fitzgerald employees that day.

“We could never, and will never, consider it ordinary. For us, there is no way to describe this compromise with inapt words like ordinary, fair or reasonable. All we can say is that the legal formality of this matter is over,” Lutnick said in 2013 after settling a lawsuit related to the attacks.

Trump's announcement described Lutnick as the "embodiment of resilience in the face of unspeakable tragedy."

If confirmed by the Senate, Lutnick will lead the Commerce Department.