What Does Trump’s Pick of Howard Lutnick as Commerce Secretary Mean for the Economy? | Global News Avenue

President-elect Donald Trump is hiring a Wall Street veteran and major campaign backer to join his Cabinet as a senior business adviser.

Trump confirmed on Tuesday that Cantor Fitzgerald CEO Howard Lutnick was his choice business secretary. Lutnick has served as co-chairman of Trump’s White House management team. In his role as Commerce Secretary, Lutnick will represent American business in the President’s Cabinet while promoting job growth and economic development.

this Ministry of CommerceOversight covers agencies and organizations that help promote U.S. business and the economy, including the Bureau of Economic Analysis, the Census Bureau, the National Oceanic and Atmospheric Administration, and the Patent and Trademark Office.

Lutnick to help craft Trump tariff proposals

Tariffs are a problem Trump may seek Lutnick’s support on this.

As Commerce Secretary, Lutnick will oversee the International Trade Administration.

Lutnick said in a recent interview with podcaster Anthony Pompliano that tariffs may displace income tax revenue, potentially offsetting that revenue source over time.

“I think what you can do is create a world where American business is so good that tax rates can be lower and lower,” he said.

Economists estimate that Trump’s current tariff proposals will not bring enough benefits. Pay down the national debt.

Still awaiting nomination for Finance Minister

Lutnick’s appointment removes him from competition for the yet-to-be-announced treasury secretary position.

Last week, Tesla (Tesla) CEO Elon Musk advocated for Lutnick to get the Treasury job, arguing that Lutnick would “implement change” in the role.

Trump has Appoint Musk Co-leads the Department of Government Effectiveness (DOGE) committee objectives Cut government spending by about $2 trillion annually. Lutnick said he plans to work closely with Musk to balance the budget.

Lutnick needs to be confirmed by the Senate before taking office. He will replace the current Secretary of Commerce Gina RaimondoFormer Governor of Rhode Island.