According to reports, President Trump is expected to name Howard Lutnick, the co-chair of his transition team, to the position of commerce secretary.
Multiple outlets reported Lutnick, the CEO of Cantor Fitzgerald, initially sought the position of Treasury secretary.
WATCH:
BREAKING: Trump has selected Howard Lutnick as his Commerce Secretary – Punchbowl News
Lutnick SUPPORTS Trump’s efforts to bring companies back to the USA.
“Come to America, build in America.”
“Put a tariff out, and say to the company – if you come to America and you… pic.twitter.com/t1WMIxVct7
— Eric Daugherty (@EricLDaugh) November 19, 2024
Punchbowl News first reported on the developments.
BREAKING NEWS — TRUMP is expected to name HOWARD LUTNICK to be his Commerce secretary.
— Jake Sherman (@JakeSherman) November 19, 2024
Per CNN:
In being tapped for Commerce, Lutnick edged out Robert Lighthizer, the US trade representative during Trump’s first term, and Linda McMahon, an administrator of the Small Business Administration from 2017 to 2019, for the role. Both were informed in the last day or so that Lutnick was getting the job.
ADVERTISEMENTThe move surprised several in Trump’s orbit, given McMahon had been the clear front-runner for the role. Then, last week, Lighthizer appeared closer to getting it. And then, amid the battle for the Treasury, Trump decided to go with his transition co-chair.
For the last several months, Lutnick and McMahon have co-chaired the transition together, with Lutnick handling personnel matters, such as vetting and advising Trump on Cabinet nominees, and McMahon running the policy side. McMahon had become frustrated that Trump hadn’t named her to the Commerce role last week, when it became clear he was considering Lighthizer and thinking of an ambassador position for her instead. Then, she was abruptly informed that her transition co-chair was actually being awarded the Commerce job.
The Commerce secretary is tasked with supporting US businesses and often acts as an emissary between other nations to negotiate trade deals and increase foreign investment. There are 13 bureaus housed under the Commerce Department, including the Census Bureau, the National Oceanic and Atmospheric Administration, and the Patent and Trademark Office.
“Donald Trump is expected to pick Cantor Fitzgerald CEO Howard Lutnick as Commerce Secretary, according to Punchbowl. Here is Lutnick blowing the minds of CNBC hosts as he explained how Trump will use tariffs as a negotiation tactic. Lutnick lost 658 employees in the 9/11 attacks in 2001, including friends and family members. His son’s first day of kindergarten is what saved his life,” Collin Rugg wrote.
“Lutnick managed to save his financial trading firm which still thrives to this day. As a debt of gratitude, Lutnick decided to take care of the families who lost loved ones at his firm, offering them 25% of the company’s profits along with health care for 10 years. Lutnick has distributed $180 million to the families of the victims,” he added.
WATCH:
NEW: Donald Trump is expected to pick Cantor Fitzgerald CEO Howard Lutnick as Commerce Secretary, according to Punchbowl.
Here is Lutnick blowing the minds of CNBC hosts as he explained how Trump will use tariffs as a negotiation tactic.
Lutnick lost 658 employees in the… pic.twitter.com/6Aalo2mKQv
— Collin Rugg (@CollinRugg) November 19, 2024
Axios reports:
Lutnick told the Wall Street Journal this month that he had to hire hundreds of employees after much of his staff died on 9/11 — an experience he said qualifies him to help staff the incoming administration.
Lutnick has donated millions to each of the former president’s campaigns, though he has taken on a more formal role this go-around.
ADVERTISEMENTLutnick has been a full-throated supporter of Trump’s economic agenda, including plans for widespread tariffs that rattled corporate America.
But he also acknowledged, in a CNBC interview last month, that tariffs would cause some prices to rise.
Before the Commerce nod, Lutnick made a late push for the Treasury role and garnered the support of influential allies like Elon Musk.
This is a Guest Post from our friends over at 100 Percent Fed Up.
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