Wall Street billionaire Howard Lutnick confirmed as US commerce secretary under Donald Trump's administration

Wall Street billionaire Howard Lutnick has been confirmed as the new US commerce secretary, securing a key role in US President Donald Trump’s trade agenda, which prioritises tariffs as a tool for economic leverage.

The Senate voted 51-45 on Tuesday to approve his appointment.

Lutnick, the former CEO of financial services giant Cantor Fitzgerald, has been a strong advocate of using tariffs to protect American industries and pressuring foreign governments into trade concessions. His new position puts him at the forefront of shaping US economic policy, particularly in areas such as international trade, technology exports, and industrial subsidies.

As commerce secretary, Lutnick will work closely with the US Trade Representative’s office, reinforcing Trump’s aggressive approach to trade. The administration has already imposed tariffs on China and initiated broad duties on US trading partners, including proposed levies of up to 25% on Canada and Mexico. These tariffs, initially set to take effect in early March, have been temporarily paused for negotiations. Meanwhile, duties on steel and aluminum imports are scheduled to come into force on March 12.

During his confirmation hearing last month, Lutnick defended tariffs, stating, “We can use tariffs to create reciprocity, fairness and respect.” He dismissed concerns that they contribute to inflation, calling such claims “nonsense.”

Lutnick has also pledged to take a tough stance on China, particularly regarding technology exports. He pointed to recent artificial intelligence advancements by Chinese startup DeepSeek, which he said relied on Meta’s open-source platform and Nvidia’s chips. “We need to stop helping them,” he said.

Beyond tariffs, Lutnick will oversee major economic initiatives, including a $53 billion programme to boost US semiconductor manufacturing under the 2022 CHIPS and Science Act. He has described the funding as an “excellent downpayment” but suggested a review of investments is necessary. Additionally, he will manage efforts to expand broadband internet access to over 6.25 million households across the country.

His role extends to restricting sensitive technology exports to adversaries like China and Russia, a responsibility he has vowed to enforce strictly.

Lutnick’s vast financial portfolio has raised concerns about potential conflicts of interest. His financial disclosure statement revealed involvement in over 800 businesses and earnings exceeding $350 million in the past two years. One notable investment includes stakes in Greenland’s mining industry through Cantor Fitzgerald’s ties to Critical Metals. Trump, who previously floated the idea of purchasing Greenland, has shown keen interest in its natural resources.

A key figure in Wall Street for decades, Lutnick gained national recognition after the September 11 attacks, in which Cantor Fitzgerald lost 658 employees, including his brother. He led the firm’s recovery and remains a board member of the National September 11 Memorial & Museum.