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Donald Trump, the President-elect, confirmed on Tuesday that Howard Lutnick, a prominent businessman and co-chair of his transition team, would be nominated as his Secretary of Commerce.
With Lutnick at the helm, the administration is expected to take a harder line on China, leveraging his extensive experience in the corporate world to push for more aggressive trade policies aimed at countering Chinese influence.
In addition to overseeing the broader economic landscape, Lutnick will take charge of the nation’s tariff and trade policies, assuming “direct responsibility for the Office of the United States Trade Representative,” as outlined by Trump in an official statement.
Tariffs have long been a cornerstone of Trump’s economic strategy, and as he prepares for his return to the White House, he has pledged to impose sweeping duties on all imports. This promise signals a continuation of his hardline approach to trade, aiming to reshape the U.S. economy by reducing reliance on foreign goods and boosting domestic industries.
Lutnick, the chief executive of the respected financial firm Cantor Fitzgerald, has established himself as a key ally to Trump. Once considered a frontrunner for the role of Treasury Secretary, his expertise in financial services and his close political connections make him an influential figure in the shaping of the country’s economic policies under the new administration.
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Though initially seen as a top contender for Treasury Secretary, Lutnick was ultimately appointed to lead the Department of Commerce, a somewhat less prominent but nonetheless crucial agency.
The Commerce Department’s role in supporting U.S. industry is pivotal, with a particular focus on strengthening the semiconductor sector and reducing the country’s reliance on Asian markets for vital components and technologies.
Under President Joe Biden, the Commerce Department stepped up export controls on critical technologies like quantum computing and semiconductor manufacturing goods, taking aim at access by adversaries like Beijing.
Trump’s administration could harden this stance.
Lutnick has, during the US election campaign, expressed support for a tariff level of 60 percent on Chinese goods, alongside a 10 percent tariff on all imports.
