OAN Staff James Meyers
10:28 AM – Tuesday, November 19, 2024
President-elect Donald Trump will reportedly name Howard Lutnick, the co-chair of his transition team, to the role of commerce secretary, according to multiple sources.
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Lutnick, the CEO of Cantor Fitzgerald, was previously rumored to be a contender for the position of treasury secretary under the incoming Trump administration. Nevertheless, the position ended up going to hedge fund manager Scott Bessent.
As the new commerce secretary, Lutnick will play an important part in enacting Trump’s planned tariffs on imported goods. The rivalry for the treasury secretary position saw different groups of Trump allies pushing for their preferred candidate.
SpaceX and Tesla founder Elon Musk had come out in support of Lutnick over the past weekend, stating that he “will actually enact change,” while Bessent would be a “business-as-usual” choice.
“Lutnick, when he was out on the campaign trail with the 45th president, often touted his resilience in business, and spoke about the tragedy of losing more than 650 employees — including his younger brother, Gary — in the Sept. 11, 2001 terror attacks,” Musk stated.
Lutnick has been at Cantor Fitzgerald since the 1980s, after he graduated from Haverford College with an economics degree. Lutnick was also working at Cantor Fitzgerald in New York’s World Trade Center towers during the tragic 9/11 terrorist attacks. Hundreds of Cantor Fitzgerald employees, including Lutnick’s brother, were killed on that day.
After the historic attacks, Lutnick became an outspoken supporter of the business community as New York was rebuilding from the tragedy.
Lutnick’s pick was first reported by Punchbowl News.
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