Banker Howard Lutnick will be Trump’s commerce secretary with powers over tariffs. usa elections

Howard Lutnick will become part of Donald Trump’s Cabinet with the task of coordinating protectionist tariff policy, which the president-elect has promised to accomplish during his term. Cantor Fitzgerald, chairman and CEO of the investment banking firm, was among the candidates to become Secretary of the Treasury, the position of most importance in the economic sphere. However, Trump has finally announced that he is choosing her to be Secretary of Commerce, a less important post, but making her responsible for tariff policy will also carry great significance.

Lutnick is co-chairman of Trump’s transition team. Thus, he is assisting in the functions related to transfer of powers including selection and appointments of personnel. The banker was Elon Musk’s favorite for the post of Treasury Secretary, but it seems the influence of the world’s richest man wasn’t enough to convince the president-elect. The two finalists for the position appeared to be Lutnick himself and Scott Besant, another financier, in this case the founder of the firm’s Square Group.

Musk had tweeted regarding the appointment of Treasury Secretary, “My opinion is that Besant is a conservative choice, while Howard Lutnick will make a real difference.” “Conservatism is bankrupting the United States, so we need change,” he said. It is unclear whether Lutnick’s ouster means that Besant will be appointed or that a third option will ultimately prevail.

The Commerce Department is responsible for supporting American companies. Its secretary often acts as a messenger between other countries to negotiate trade agreements and increase foreign investment. Lutnick has been in favor of the strong tariffs that Trump has promised. The head of the Treasury used to have the main voice on foreign trade tariffs, but Trump wants to give that job to Lutnick. In effect he will have the responsibilities of United States Trade Representative.

Gina Raimondo has been the Commerce Secretary during Joe Biden’s presidency. One of its main functions is to administer multimillion-dollar incentives for the construction of microprocessor plants. The Commerce Department has 13 offices, including the Bureau of Economic Analysis (which publishes some macro statistics), the Census, the National Oceanic and Atmospheric Administration, and the Patent and Trademark Office.

Cantor Fitzgerald occupied some of the highest floors of one of the twin towers (the North Tower). On the day of the terrorist attacks on September 11, 2001, the company lost 658 of its 960 New York employees, including Lutnick’s brother. The financier created a relief fund for the families of the victims.

Transportation to another Fox presenter

Like Lutnick’s appointment, the designation of Sean Duffy as Trump’s choice for Secretary of Transportation is also official. Duffy is a former district attorney and congressman from Wisconsin, but he is best known for being a reality television personality and host on the Fox network.

“He will prioritize excellence, competence, competitiveness and beauty as he rebuilds America’s highways, tunnels, bridges and airports,” Trump said in announcing his appointment. He said, “It will ensure that our ports and dams serve our economy without compromising our national security, and reimagine our skies by eliminating diversity, equity and inclusion (DEI) policies for pilots and air traffic controllers.” Will make it safe.”

Duffy is married to Rachel Campus-Duffy, with whom he has nine children. The future Transportation Secretary’s wife is a Fox News star, as cited in the president-elect’s statement, however, ignoring the fact that the person-elect is herself a presenter on the network.

Duffy joined Fox News as a contributor in 2020 and has been one of Trump’s most prominent defenders. He has been the co-host of bottom line on Fox Business until leaving the network on Mondays. Trump announced last week that his nominee for secretary of defense is co-host Pete Hegseth. Fox & Friends Weekend.

Also, like Trump, Duffy is a former reality star. appeared in Real World: Boston He met his wife on the set of MTV in 1997 Road Rules: All Stars on MTV in 1998. Campus-Duffy also co-hosts Fox & Friends Weekend, Where she has been Hegseth’s partner.