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The Key Takeaways
- Howard Lutnick, CEO of Cantor-Fitzgerald, was selected by Donald Trump as Secretary of Commerce.
- Lutnick, in his new role, will be responsible for overseeing important government agencies as well as promoting U.S. growth and economic development.
- Trump is likely to rely on Lutnick’s help to implement his proposals for raising tariffs in trade with foreign nations.
Donald Trump has asked a Wall Street veteran who was a key supporter of his campaign to join him in the cabinet as a business advisor.
Trump confirmed Tuesday that Cantor Fitzgerald CEO Howard Lutnick is his choice for Commerce Secretary. Lutnick is the co-chairman of the transition team that manages Trump’s move to the White House. Lutnick, in his role as Commerce Secretary, would represent U.S. business on the president’s Cabinet while also promoting economic growth and job creation.
The Commerce Department oversees agencies and organizations which help promote U.S. businesses and the economy. These include the Bureau of Economic Analysis (BEA), the Census Bureau, National Oceanic and Atmospheric Administration, and Patent and Trademark Office.
Lutnick will help Trump implement his tariff proposals
Trump is likely going to ask Lutnick for support in the area of tariffs.
Lutnick, as Commerce Secretary would supervise the International Trade Administration.
Lutnick stated in an interview with Anthony Pompliano that tariffs may replace income taxes, potentially reducing this source of revenue over time.
“I think what you could do is create a world where the business of America is so good that the tax rate can come lower and lower and lower,” He said.
According to economists, Trump’s tariff proposal would not be enough to pay off the debt.
Still Waiting for Treasury Secretary Nomination
Lutnick is now out of the running for the yet-to-be announced position of Treasury Secretary.
Elon Musk, CEO of Tesla (TSLA), advocated last week for Lutnick, arguing that Lutnick could do a better job in the Treasury. “enact change” In this role,
Musk was appointed to lead the Department of Government Efficiency by Trump. The DOGE is a committee which aims to reduce government expenditures by about $2 trillion each year. Lutnick stated that he intends to work closely together with Musk to achieve a balanced budget.
Lutnick must be confirmed by Senate before assuming the role. He would replace current Commerce Secretary Gina Raimondo, the former Governor of Rhode Island.
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