Wall Street billionaire Howard Lutnick has been confirmed as the new US commerce secretary, securing a 51-45 Senate vote on Tuesday. His appointment strengthens President Donald Trump’s “America First” trade agenda, which relies on tariffs as a key negotiating tool.
Lutnick’s Role & Trade Strategy
- Former Cantor Fitzgerald CEO, Lutnick is a longtime Trump ally and tariff advocate.
- The Commerce Department oversees trade policies, including restrictions on tech exports to China & Russia.
- He will help manage a $53 billion semiconductor subsidy program aimed at boosting US chip manufacturing.
- Lutnick supports broad, country-specific tariffs over targeted product tariffs.
Trump’s Tariff Plans
- New 25% tariffs on Canada & Mexico set for early March over immigration & drug smuggling concerns.
- Additional steel & aluminum tariffs take effect on March 12.
- Starting April 2, Lutnick aims to introduce reciprocal tariffs to address trade imbalances and foreign value-added taxes (VATs) deemed “discriminatory.”
Despite concerns from economists about inflation, Lutnick insists tariffs will boost US leverage without harming growth. His confirmation signals an aggressive US trade stance in upcoming global negotiations.
