Trump chooses Howard Lutnick as Commerce Secretary
The businessman and investor is one of the few major Wall Street figures who fully supports the protectionist trend that may be instituted by the future Trump Administration.
Howard Lutnick speaks at a rally at Madison Square Garden.
US President-elect Donald Trump picked Howard Lutnick, chairman of investment bank Cantor Fitzgerald and an advocate for manufacturing jobs on US soil, as future secretary of Commerce on Tuesday. He is expected to be a leading proponent of tariff policies against China.
Lutnick, 63, is a well-known US businessman with a tragic past. Almost the entirety of his company died in the 9/11 attacks, including his brother, during the collapse of the North Tower.
Of Jewish origin, he studied at Haverford College on a scholarship, where the institution took care of him after the death of his parents. Lutnick today manages an estate in excess of $1.5 billion.
Lutnick was a Democrat many years before becoming a major donor to Trump's campaigns.
One of Lutnick's main goals will be to participate in the effort to reduce the federal government's deficit. On trade, he is one of the few major businessmen and investors who is in favor of Donald Trump's protectionist tendency.
He has declared himself in favor of a "moderate" tariff policy, which throughout his time at the Department of Commerce will focus especially on Mexico, China and the European Union. Throughout the campaign, tariffs have been mentioned that could go up to 20% and even 60% in the case of China.
He will also have "additional direct responsibility for the Office of the US Trade Representative," Trump said in a statement. "He will lead our Tariff and Trade agenda," he added.
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