Trump Names Pro-Crypto Howard Lutnick as Commerce Secretary, to Lead Tariff Agenda

Nov 19, 2024, 07:23 PM

President-elect Donald Trump has officially nominated Howard Lutnick, CEO of Cantor Fitzgerald and co-chair of Trump's transition team, as Secretary of Commerce. Lutnick, known for his pro-crypto stance and significant investments in Bitcoin and Tether, was initially considered for the Treasury Secretary position with endorsements from Elon Musk and Robert F. Kennedy Jr. Despite reported tensions over his lobbying efforts, Trump has appointed Lutnick to lead the Commerce Department, where he is expected to promote U.S. manufacturing and economic growth. Lutnick advocates for tariffs to incentivize companies to build in America and has expressed interest in eliminating income tax in favor of tariff-based funding. His firm manages Tether's U.S. Treasury reserves, highlighting his involvement in the crypto industry. Trump stated that Lutnick will lead the Tariff and Trade agenda, with additional responsibility for the Office of the United States Trade Representative.