President-Elect Donald Trump is turning to a Wall Street veteran and key campaign supporter to join his cabinet as a top business advisor.
Trump confirmed Tuesday that Cantor Fitzgerald CEO Howard Lutnick is his choice for Commerce Secretary. Lutnick has been serving as the co-chair of the team managing Trump’s transition to the White House. In the Commerce Secretary role, Lutnick would represent U.S. businesses on the president’s cabinet while also promoting job growth and economic development.
The Commerce Department's oversight includes agencies and organizations that help promote U.S. business and the economy, including the Bureau of Economic Analysis, the Census Bureau, the National Oceanic and Atmospheric Administration and the Patent and Trademark Office.
Tariffs are one issue on which Trump will likely seek support from Lutnick.
As Commerce Secretary, Lutnick would oversee the International Trade Administration.
In a recent interview with podcaster Anthony Pompliano, Lutnick said tariffs could replace income tax revenue, potentially offsetting that revenue source 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.
Economists have estimated that Trump's current proposal on tariffs would not bring in enough to cover the national debt.
Lutnick’s appointment takes him out of contention for the still-unannounced position of Treasury Secretary.
Last week, Tesla (TSLA) CEO Elon Musk advocated for Lutnick to get the Treasury position, arguing that Lutnick would “enact change” in that role.
Trump has appointed Musk to co-lead the Department of Government Efficiency (DOGE), a committee that aims to cut government spending by some $2 trillion a year. Lutnick has said he plans to work closely with Musk to balance the budget.
Lutnick will need to be confirmed by the Senate before taking the role. He would replace current Commerce Secretary Gina Raimondo, the former Governor of Rhode Island.
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