Trump taps Howard Lutnick as Commerce secretary
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Howard Lutnick speaking at a Trump/Vance rally. Photo: Angela Weiss/AFP via Getty Images
President-elect Trump chose billionaire Howard Lutnick to serve as Commerce secretary and lead the push for a sweeping program of tariffs.
Why it matters: The Commerce Department will have a key role in implementing Trump's trade agenda — and Lutnick has been a vocal supporter.
- Lutnick, co-chair of Trump's transition, was hoping to become Treasury secretary, but Trump recently soured on the finalists and is now considering other options, transition sources tell Axios.
Zoom in: Lutnick is the chairman and chief executive of Cantor Fitzgerald, an investment firm he joined after graduating college in the 1980s.
- Lutnick became one of the most prominent business voices in the aftermath of the September 11 attacks.
- Cantor Fitzgerald's offices were in the World Trade Center's North Tower, and hundreds of the firm's employees, including Lutnick's brother, died as a result of the attack.
- Lutnick holds an annual fundraiser on 9/11 — often attended by athletes and celebrities — to raise money for charities around the world.
The big picture: Lutnick told the Wall Street Journal this month that he had to hire hundreds of employees after much of his staff died on 9/11 — an experience he said qualifies him to help staff the incoming administration.
- Lutnick has donated millions to each of the former president's campaigns, though he has taken on a more formal role this go-around.
- Lutnick has been a full-throated supporter of Trump's economic agenda, including plans for widespread tariffs that rattled corporate America.
- But he also acknowledged, in a CNBC interview last month, that tariffs would cause some prices to rise.
Between the lines: Before the Commerce nod, Lutnick made a late push for the Treasury role and garnered the support of influential allies like Elon Musk.
- The Wall Street Journal reported that Trump grew irritated with how hard Lutnick and fellow contender Scott Bessent were jockeying for the job.
- Though Treasury has an influential voice, Lutnick's Commerce role will ultimately give him more direct control of the tariff agenda.
The intrigue: Lutnick will have to disentangle himself from the day-to-day operations of Cantor Fitzgerald and a slew of other ventures.
- That includes his role leading investment firm BGC Group and real estate brokerage Newmark Group.
Go deeper: Trump administration 2.0: Tracking his Cabinet, White House picks
Editor's note: This story has been updated with confirmation of Lutnick's appointment.
