President-elect Donald Trump is anticipated to nominate Howard Lutnick, CEO of Cantor Fitzgerald, for the position of Commerce Secretary, according to a source familiar with the nomination process.
Lutnick, currently the CEO of financial services firm Cantor Fitzgerald, was previously considered for the role of Treasury Secretary. He was involved in a competitive selection process against hedge fund manager Scott Bessent. In addition to his executive role at Cantor Fitzgerald, Lutnick has also been serving as co-chair of Trump’s presidential transition team since August, where he has been instrumental in advising on Cabinet nominations.
During a recent campaign rally at Madison Square Garden, Lutnick expressed his economic views, highlighting the early 1900s as a period of American prosperity. He attributed this to the absence of income taxes during that era, relying instead on tariffs. ‘We had so much money that we had the greatest businessmen of America get together to try to figure out how to spend it,’ Lutnick commented, emphasizing his support for higher tariffs—an economic stance that aligns with Trump’s proposals to impose substantial tariffs on goods from China and other countries.
Despite receiving recognition for his leadership after the September 11 attacks—when Cantor Fitzgerald lost hundreds of employees, including Lutnick’s brother—Lutnick has recently been criticized for remarks made in an interview with CNN’s Kaitlan Collins. He defended Robert F. Kennedy Jr.’s controversial views on vaccines and autism, which are not supported by scientific evidence. This controversy has emerged as Lutnick is considered for a significant Cabinet role.
Lutnick’s nomination comes in the midst of Trump’s broader Cabinet selection process, which continues to draw significant public and media attention. The decision to potentially appoint Lutnick reflects Trump’s preference for selecting individuals with strong business backgrounds and aligns with his campaign promises regarding trade policies.
The expected nomination of Howard Lutnick as Commerce Secretary highlights the continued influence of business leaders in shaping the incoming administration’s economic policies.
Source: CNN
