Tue Nov 19 20:59:00 UTC 2024: ## Trump Taps Tariff Advocate Lutnick for Commerce Secretary
**Washington, D.C. – November 20, 2024** – President-elect Donald Trump has nominated Howard Lutnick, CEO of Cantor Fitzgerald, as his Commerce Secretary. The appointment places a vocal proponent of tariffs at the helm of an agency crucial to implementing Trump’s protectionist trade policies.
Lutnick, also a co-chair of Trump’s transition team alongside Linda McMahon, has publicly championed tariffs as a vital tool for protecting American workers. His CNBC interview in September stated that tariffs are “an amazing tool for the President to use.” This nomination comes as Trump is expected to pursue his campaign promise of significant tariffs on imported goods, including a potential 60% tariff on Chinese goods.
The Commerce Department oversees a wide range of responsibilities, from funding semiconductor manufacturing to imposing trade restrictions and releasing economic data. Lutnick’s extensive business connections are seen as a key asset in this role.
The choice follows speculation surrounding the Treasury Secretary position, where Lutnick was also considered. His nomination was reportedly backed by figures like Elon Musk, who argued that Lutnick would be more likely to enact significant change than previous frontrunner Scott Bessent.
Mainstream economists remain largely skeptical of broad-based tariffs, citing their potential inefficiency in boosting economic prosperity. Lutnick’s appointment signals a continued prioritization of protectionist measures within the incoming administration.
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