Donald Trump has appointed Howard Lutnick, the co-chair of his transition team and CEO of financial firm Cantor Fitzgerald, to lead the U.S. Commerce Department.
In his announcement, Trump emphasized that Lutnick would take charge of the administration’s “tariff and trade agenda.” Lutnick had also been considered for the role of Treasury Secretary, a more prominent position, but Trump has yet to make a final decision on that post, which holds significant influence over economic and tax policy. The decision has become a topic of public debate, with billionaire Elon Musk endorsing Lutnick for the job while criticizing another potential candidate, Scott Bessent, for being too conventional.
Lutnick, a self-identified “strong capitalist,” has praised Trump for promoting a “competitive growth model.” He also publicly supported some of Trump’s more controversial policies during the campaign, such as wide-ranging tariffs and the abolition of the income tax. His stance on tariffs, however, set him apart from some on Wall Street, who view such measures as harmful to corporate America.
The Commerce Department, while smaller than the Treasury Department with around 50,000 employees, plays a crucial role in balancing business and national security interests. This includes regulating technology exports to China, implementing tariffs to protect U.S. industries like steel, and supporting efforts to boost domestic manufacturing. The department also handles patent approvals, economic data publication, and the U.S. Census.
In his announcement, Trump described Lutnick as a “dynamic force on Wall Street for more than 30 years” and credited him with helping assemble a team to staff the incoming administration. Additionally, Lutnick will oversee the U.S. Trade Representative’s office, which, while not formally part of the Commerce Department, plays a key role in U.S. trade policy.
Who is Howard Lutnick?
A native of Long Island, New York, Lutnick is a longtime Republican and a supporter of Trump, with whom he shares social circles from New York. In 2008, Lutnick made an appearance on Trump’s reality TV show The Apprentice, according to IMDb.
Lutnick began his career at Cantor Fitzgerald right after graduating from Haverford College in 1983, where he attended on a scholarship. He endured personal tragedy as a teenager, losing both parents—his mother to cancer and his father to a medical error. By the age of 30, Lutnick became president and CEO of Cantor Fitzgerald, a firm known for its investments in cryptocurrency and its real estate affiliate, Newmark.
His public profile grew significantly after the September 11 attacks, which took the lives of over 600 Cantor Fitzgerald employees, including his brother. Lutnick was not in the office that day, as he was taking one of his children to kindergarten. In the days that followed, he was visibly emotional in media appearances. Reflecting on the events two decades later, Lutnick described September 11 as a life-altering moment, a “dividing line” that still felt painfully recent.
