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Senate panel advances Howard Lutnick, Trump's pick for commerce secretary
Senate panel advances Howard Lutnick, Trump's pick for commerce secretary
Senate panel advances Howard Lutnick, Trump's pick for commerce secretary

Published on: 02/05/2025

Description

WASHINGTON (TNND) — The Senate Commerce Committee voted Wednesday to advance billionaire Howard Lutnick, President Donald Trump's pick to run the Department of Commerce.

"I am thrilled to announce that Howard Lutnick, Chairman & CEO of Cantor Fitzgerald, will join my Administration as the United States Secretary of Commerce," Trump said in a November release. "He will lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative."

Lutnick co-chaired the president-elect's transition team with Lutnick handling vetting and advising Trump on his Cabinet nominees.

Lutnick, who was head of the investment firm Cantor Fitzgerald, has emerged as an outspoken supporter of Trump's hardline trade policies.

He expressed support during his confirmation hearing for using across-the-board import taxes “country by country'' to strong-arm trade partners into lowering their tariffs on U.S. exports.

The Trump administration was going to impose 25% import taxes on Canada and Mexico but was halted for one month after the countries agreed to help protect the borders.

Mexico President Claudia Sheinbaum agreed to "immediately" send 10,000 members of the National Guard to the U.S.-Mexico border to "prevent drug trafficking from Mexico to the United States, particularly fentanyl."

Canadian Prime Minister Justin Trudeau said Canada would be implementing a $1.3B border plan.

China announced retaliatory measures against the United States Tuesday after President Donald Trump imposed 10% tariffs on Chinese imports.

Lutnick's job would include overseeing economic development and growth.

Lutnick's company lost 658 employees on September 11, 2001, when terrorists attacked the World Trade Center, according to the 9/11 Memorial and Museum.

Cantor has since provided over $180 million to help the families of the employees killed. Lutnick was also named the Financial Times' "Person of the Year" in 2001.

News Source : https://wfxl.com/news/nation-world/billionaire-cantor-ceo-howard-lutnicks-commerce-secretary-nomination-advances-president-donald-trump-cabinet-nominee-department-of-commerce-taxes-tariffs-canada-mexico-china

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