The next president of the United States Donald Trump has chosen billionaire and leader of his transition team Howard Lutnick for the position of Secretary of Commerce.
The politician stated this in Truth Social.
The appointment of the next US Commerce Secretary is important because the department oversees sanctions that prohibit the export of certain technologies, including semiconductors, to China, Russia and other countries on national security grounds.
Howard Lutnick became Trumpʼs top economic adviser this year. The billionaire called for tariffs to protect US industry from foreign competition, lower corporate taxes and increase energy production in the States.
The potential new secretary of commerce has donated and raised more than $75 million for organizations supporting Trump in 2024, according to The New York Times.
On the campaign trail, Lutnick defended Trumpʼs plans to impose tariffs on imports, but suggested they should be used for trade deals with other countries and that non-U.S.-made goods should not necessarily face tariffs.
Howard Lutnick is chief executive of Cantor Fitzgerald, a financial services company, and chairman of BGC Group Inc., a brokerage and financial technology company. and commercial real estate services provider Newmark Group.
When his appointment is confirmed by the US Senate, he could face questions about his finances and potential conflicts of interest, as his companies are involved in almost every sector of the US economy.
- Before the presidential elections and the formation of the new Cabinet of Ministers Howard Lutnik enlisted the support of another billionaire, Elon Musk, who influences Trumpʼs personnel decisions.
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