President-elect Donald Trump is poised to nominate Howard Lutnick, CEO of Cantor Fitzgerald, as the next Secretary of Commerce, multiple sources familiar with the matter confirmed. The decision, anticipated to be announced shortly, reflects Lutnick's influence within Trump's transition team, which he has co-chaired since August.
The appointment surprised some within Trump's circle, as Lutnick had initially positioned himself for the Treasury role, only to be edged out amid a fierce contest involving hedge fund manager Scott Bessent. In securing the Commerce role, Lutnick prevailed over other prominent contenders, including Robert Lighthizer, former U.S. Trade Representative, and Linda McMahon, ex-Small Business Administration head.
The Commerce Secretary plays a pivotal role in supporting U.S. businesses, often serving as a key intermediary for trade negotiations and foreign investment initiatives. Lutnick's appointment is expected to elevate his influence over trade policy, particularly in light of Trump's campaign promises to impose significant tariffs on Chinese imports and potentially other nations.
During a campaign rally at Madison Square Garden, Lutnick underscored his support for Trump's tariff agenda, stating, "The U.S. was most prosperous during the early 1900s when there was no income tax, and all we had was tariffs." His advocacy for higher tariffs aligns closely with Trump's economic policies and signals a potential shift in America's trade relations under the new administration.
The Commerce Department, home to agencies like the Census Bureau and the National Oceanic and Atmospheric Administration (NOAA), is also set to become a focus of Project 2025, a controversial initiative aimed at reshaping federal agencies. The project's blueprint, which Trump has distanced himself from during the campaign, calls for a restructuring of NOAA, describing it as part of the "climate change alarm industry."
Lutnick's ascent to this role was not without tension. For months, he worked alongside McMahon as transition co-chairs, with McMahon handling policy and Lutnick focusing on personnel and Cabinet recommendations. Insiders say McMahon, initially considered a frontrunner, grew frustrated as Lutnick's candidacy gained traction. Last week, she learned Lutnick would be awarded the role, which reportedly left her considering other ambassadorial positions.
Lutnick's personal story lends weight to his nomination. As the head of Cantor Fitzgerald, he faced immense tragedy on September 11, 2001, when the firm lost hundreds of employees, including his brother, in the World Trade Center attacks. Lutnick subsequently established a relief fund for affected families and serves on the board of the National September 11 Memorial and Museum. His experience rebuilding the company and hiring new staff in the aftermath has shaped his leadership approach.
The nomination also highlights Lutnick's longstanding relationship with Trump. In addition to his work on the transition team, he has been a vocal backer of Trump's economic agenda and a substantial donor to his campaigns. However, his views have occasionally courted controversy. Recently, he defended comments by Robert F. Kennedy Jr. linking vaccines to autism, a claim unsupported by scientific evidence.
