President-elect Donald Trump has chosen billionaire businessman Howard Lutnick to lead the Commerce Department.
Lutnick’s selection means he will not become treasury secretary, and jockeying will continue for the role.
Trump announced the choice on Tuesday. Lutnick, 63, would succeed Commerce Secretary Gina Raimondo, who has served in the position since just after President Joe Biden entered office back in 2021. Lutnick currently serves as co-chairman of the presidential transition team.
“He will lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative,” Trump said in a statement. “In his role as Co-Chair of the Trump-Vance Transition Team, Howard has created the most sophisticated process and system to assist us in creating the greatest administration America has ever seen.”
As Commerce secretary, Lutnick would oversee the implementation of Trump’s tariff agenda and be responsible for implementing the duties on imports and determining which exceptions should be made. While many on Wall Street are skeptical about the use of tariffs, Lutnick has been a vocal supporter of Trump’s agenda.
Prediction markets and reporting indicated that former Small Business Administration Administrator Linda McMahon was the leading candidate for the Commerce role.
Lutnick is the chairman and CEO of financial services giant Cantor Fitzgerald. He joined the firm right after college and quickly rose through the ranks, becoming president and CEO of the firm in 1991. He was named chairman of the board just five years later.
He is a close personal adviser to Trump and spoke at the president-elect’s Madison Square Garden rally in New York.
Lutnick had reportedly been gunning for the role of treasury secretary, a position he made a last-minute bid for. The fight for the prestigious Cabinet position has widened in recent days.
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Originally, it appeared that Lutnick and hedge fund manager Scott Bessent were the two most likely choices for the job, but now the field has been widened to include Kevin Warsh, former Federal Reserve governor, and Marc Rowan of Apollo Global Management.
Prediction markets indicate Warsh, who served at the Fed from 2006 to 2011, has the edge. Warsh has also reportedly been on the short list to replace Fed Chairman Jerome Powell, who was first nominated by Trump but later renominated by Biden.
