Trump appoints billionaire Howard Lutnick, a crucial transition adviser, as secretary of commerce.

WASHINGTON — President-elect Donald Trump has selected Howard Lutnick, the CEO of brokerage and investment firm Cantor Fitzgerald and a proponent of cryptocurrency, as his nominee for the position of secretary of commerce. This role is critical for implementing Trump’s plans to increase and regulate tariffs.

Lutnick serves as a co-chair of Trump’s transition team alongside Linda McMahon, the former head of Trump’s Small Business Administration and a veteran wrestling executive. Together, they are responsible for recommending candidates for significant positions in the upcoming administration.

If confirmed, Lutnick would oversee a large Cabinet department that plays a vital role in financing new semiconductor manufacturing plants, enforcing trade regulations, distributing economic reports, and tracking weather patterns. Establishing relationships with CEOs and the broader business sector would be essential to successfully navigate this position.

Lutnick has publicly championed the idea of implementing extensive tariffs, remarking in a September interview with CNBC that “tariffs can be an extraordinary tool for the president; we need to safeguard the American worker.” During his campaign, Trump suggested a hefty 60% tariff on imports from China, along with a possible 20% tariff on other incoming goods.

Many mainstream economists express skepticism regarding tariffs, viewing them as an ineffective means for governments to generate revenue and encourage economic growth.

Lutnick had also been in contention for the role of treasury secretary, a position that has seen intense competition among Trump’s inner circle. This position is particularly significant as it is keenly observed by financial markets, where a controversial appointment could have immediate detrimental impacts on stock prices, which are closely monitored by Trump.

This development follows endorsements from high-profile figures in Trump’s circle, including billionaire Elon Musk, who urged Trump to reconsider his leading candidate for treasury secretary, Scott Bessent, in favor of Lutnick. Musk stated that “Bessent represents the status quo, while @howardlutnick will bring about real change.”