Howard Lutnick confirmed as Trump’s Commerce secretary
The Senate officially confirmed Howard Lutnick on Tuesday to serve as President Donald Trump’s U.S. Secretary of Commerce. The confirmation came less than a week after senators voted to invoke cloture on his nomination, with Lutnick needing a simple majority for full senate confirmation. This milestone marks a significant achievement for Trump’s “America First” policy agenda.
Lutnick, the Chairman and CEO of investment firm Cantor Fitzgerald, is one of the wealthiest individuals to serve in a presidential administration. In his confirmation hearing on January 29, Lutnick stated his intention to divest all of his financial interests upon confirmation to remain impartial. He assured the American people that his sole focus would be to serve them, stating, “My plan is to only serve the American people. So I will divest — meaning I will sell all of my interests, all of my business interests, all of my assets, everything.”
During the hearing, Lutnick expressed his alignment with Trump’s “trade and tariff agenda,” advocating for reciprocal tariffs to address trade imbalances. He dismissed the notion that tariffs lead to inflation, emphasizing the need for fair treatment in global trade relations. Trump’s directive for federal agencies to explore reciprocal tariffs to address tariff imbalances further underscores the administration’s commitment to this strategy.
As part of his responsibilities, Lutnick will lead the Tariff and Trade agenda, with additional oversight of the Office of the United States Trade Representative. Trump praised Lutnick’s leadership during the presidential transition, highlighting his role in creating a sophisticated process to assist in forming the administration.
Looking ahead, Lutnick has been tasked with studying reciprocal trade relations within 180 days and is expected to deliver a report by April 1. Additionally, Trump announced a 25% tariff on all steel and aluminum imports from all countries, with a 35% tariff on Chinese imports set to take effect on March 12.
In conclusion, with Howard Lutnick confirmed as U.S. Secretary of Commerce, the administration is poised to advance its trade and tariff agenda in pursuit of fair and reciprocal trade relations. Lutnick’s commitment to divesting his financial interests underscores his dedication to serving the American people and upholding the administration’s priorities.
