Donald Trump has named Howard Lutnick, chief executive of the financial firm Cantor Fitzgerald, as the Secretary of the US Department of Commerce. He will also be responsible for the Office of the United States Trade Representative. The position offered to Lutnick can be seen as a reward for his praise of Trump during the election campaign.
Lutnick, a strong capitalist, has been all praise for Donald Trump’s competitive growth model. He was also Trump’s spokesperson in communicating most of his controversial development plans during the election campaign, such as wide-ranging tariffs and the elimination of the income tax.
As the commerce secretary, Howard Lutnick would be a significant force in deciding the business and national security issues of the country, like the issues of technology exports to China and decisions about the tariffs on steel produced in the United States.
The Department of Commerce also plays an important role in domestic manufacturing in the US. Moreover, the department is vital in decision-making on issues such as patent approvals, publishing economic data, and conducting the US census.
Howard Lutnick was initially a contestant for the post of secretary of the US Treasury Department. But he could not garner enough support from the concerned stakeholders to win this position.
By appointing Howard Lutnick as the Secretary of the US Department of Commerce, Trump has decided to continue the Biden administration’s stance of export controls on critical technologies like quantum computing and semiconductor manufacturing goods. These controls are seen as essential for protecting US technology from its rivals, such as China.
By fixing a 60% tariff on the import of Chinese goods and a 10% tariff on the import of goods from all other countries, Lutnick has pledged allegiance to Trump’s stand on tariffs. Lutnick supports Trump’s aim to increase manufacturing jobs in the US and turn the plates done for China’s supremacy in the manufacturing sector.
Lutnick’s Support For Cryptocurrencies
Lutnick’s support for cryptocurrencies is another factor that has made him Trump’s favorite choice. This is the reason why he was initially considered for the post of Treasury Secretary. As Robert F. Kennedy Jr., the health secretary-elect of the Trump administration, rightly said, Bitcoin will not have a better advocate than Lutnick. Elon Musk also supported Lutnick in this post.
By electing Lutnick as the Commerce Secretary, Donald Trump’s plan for widespread cryptocurrency adoption is expected to come to fruition.
Howard was a constant supporter of cryptocurrencies. Cantor Fitzgerald, his investment firm, has stored some of the reserve funds for the Tether stablecoin. He has also been an avid supporter of Bitcoin.
He had earlier announced that Cantor Fitzgerald would start a Bitcoin lending program of the excess bitocins it held. In order to treat Bitcoin like gold and oil, he has also called for it to be regarded as a commodity.
Even then, Lutnick’s current role as the Commerce Secretary will not position him as a strong influence over crypto adoption. However, as per the Deploying American Blockchains Act of 2023, the Commerce Secretary can make decisions to promote the United States as a competitive force in blockchain technology. More than that, Lutnick has the power to influence Trump to make decisions in favor of cryptocurrencies, as he is a strong ally of Trump.
Lutnick: The September 11 Survivor
Howard Lutnick is a person who has suffered huge losses, both personally and personally, in the 9/11 terrorist attack on the World Trade Centre. He lost his brother and 658 Cantor Fitzgerald employees during the attack. In his introduction of Lutnick, Trump spoke of him as the epitome of resilience in the face of such unfathomable tragedy. He is also a member of the Board of Directors of the National September 11 Memorial & Museum.
After the new Trump administration takes charge and starts functioning as a full-fledged government of the world’s strongest economy, Howard Lutnick’s role as the Commerce Secretary and his efforts at revolutionizing the department will take shape.
