Trump Chooses Billionaire Howard Lutnick As His Commerce Secretary

Washington: President-elect Donald Trump has chosen Howard Lutnick, he of brokerage and investment bank Cantor Fitzgerald and a cryptocurrency enthusiast, as his nominee for commerce secretary, a position in which he'd have a key role in carrying out Trump's plans to raise and enforce tariffs.

Lutnick is a co-chair of Trump's transition team, along with Linda McMahon, former wrestling executive who previously led Trump's Small Business ministration. Both are tasked with putting forward candidates for key roles in next ministration.

nomination would put Lutnick in charge of a sprawling Cabinet agency that is involved in funding new computer chip factories, imposing tre restrictions, releasing economic data and monitoring wear. It is also a position in which connections to CEOs and wider business community are crucial.

An vocate for imposing wide-ranging tariffs, Lutnick told CNBC in September that "tariffs are an amazing tool for president to use -- we need to protect American worker". Trump on campaign trail proposed a 60 per cent tariff on goods from China -- and a tariff of up to 20% on everything else US imports.

Mainstream economists are generally sceptical of tariffs, considering m a mostly inefficient way for governments to raise money and promote prosperity.

Lutnick h been considered for treasury secretary, a role that has been at centre of high-profile jockeying within Trump world. At same time, treasury position is closely watched in financial circles, where a disruptive nominee could have immediate negative consequences on stock market, which Trump watches closely.

news also comes after billionaire Elon Musk and ors in Trump's orbit called on Trump to dump previous front-runner for treasury secretary, Scott Bessent, in favour of Lutnick. Musk said in his post that "Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change".