President-elect Donald Trump has nominated Howard Lutnick, CEO of Cantor Fitzgerald and cryptocurrency advocate, to serve as commerce secretary in his upcoming administration. Trump made the announcement on Tuesday via Truth Social, citing both Lutnick’s business expertise and commitment to advancing Trump’s trade policies.
Lutnick, co-chair of Trump’s transition team alongside former SBA head Linda McMahon, would oversee a vast agency tasked with trade policy, economic data, and industry regulation. The Commerce Department is critical to Trump’s agenda, particularly regarding tariffs and trade restrictions aimed at protecting American workers. Lutnick has publicly supported tariffs as a key economic tool, calling them “an amazing tool for the president to use” during a CNBC interview in September.
Lutnick’s nomination marks a shift in Trump’s cabinet strategy, with Elon Musk and others within Trump’s circle advocating for his appointment over Scott Bessent, the previous frontrunner for treasury secretary. Musk described Lutnick as a disruptor who could bring meaningful change, contrasting him with what he called “business-as-usual” candidates.
As commerce secretary, Lutnick would be instrumental in shaping U.S. trade policy and fostering relationships with the business community. His nomination signals a continuation of Trump’s focus on economic nationalism and reshaping global trade relationships.
