President-elect Donald Trump has named Howard Lutnick, co-chair of his transition team, as his pick for Secretary of Commerce. In a statement released Tuesday, Trump emphasized that Lutnick will play a critical role in shaping the administration’s trade policy, taking on a more assertive approach towards China.

Lutnick will oversee the country’s tariff and trade strategies, in addition to taking on direct oversight of the Office of the United States Trade Representative.

Lutnick, the CEO of Cantor Fitzgerald and a close Trump ally, was initially considered a leading candidate for Treasury Secretary but was ultimately chosen to guide U.S. trade policy.

Trump's administration is expected to make tariffs a central element of its economic policy, with the president having previously promised to impose significant duties on imports when he reclaims the White House.

Howard Lutnick was appointed by President-elect Donald Trump to head the U.S. Department of Commerce, a position that will see him play a key role in U.S. trade and industrial policy, particularly efforts to reduce dependence on Asian manufacturing and bolster American sectors like semiconductors.

Under the Biden administration, the Commerce Department took a tough stance on export controls, particularly targeting critical technologies like quantum computing and semiconductor manufacturing, with a focus on limiting access from adversaries like China. It’s expected that Lutnick’s leadership will continue this trend, potentially with a more aggressive approach.

Lutnick, CEO of Cantor Fitzgerald, has been an outspoken advocate for tariffs, proposing a 60% tariff on Chinese goods and a 10% tariff on all other imports. This echoes Trump’s previous economic policies, including the trade war with China, where the U.S. imposed significant duties on Chinese goods.

Lutnick has voiced concerns about the offshoring of manufacturing jobs to China and has been a vocal critic of what he sees as "coastal elite nonsense," such as the push for electric vehicles, which he criticized in a recent podcast interview.

Lutnick’s nomination to lead the Commerce Department signals Trump’s continued commitment to prioritizing American manufacturing and taking a firm stance on trade with China, particularly in the context of broader national security concerns, such as the fentanyl crisis, which Lutnick has linked directly to Chinese actions.

Howard Lutnick, initially considered a top contender for the Treasury Department, has been appointed as Secretary of Commerce in President-elect Trump's administration. While Lutnick's nomination has garnered attention, it follows a public debate over his role.

His vocal support for copyright, particularly Bitcoin, has made him a champion of digital assets. Robert F. Kennedy Jr., Trump's health secretary pick, endorsed Lutnick, saying he would be Bitcoin's strongest advocate.

Even Elon Musk threw his weight behind Lutnick for Treasury, criticizing rival candidate Scott Bessent as a "business-as-usual" choice, which Musk argues is driving the country into bankruptcy. Musk, who is set to head a new Department of Government Efficiency, stressed the need for a transformative approach.

Lutnick, CEO of Cantor Fitzgerald, which he narrowly survived losing hundreds of employees in the 9/11 attacks, also leads BGC Group and Newmark Group.

With a background in economics from Haverford College, Lutnick has leveraged his leadership experience to play a key role in Trump's transition team, helping identify key appointments. His support for copyright, particularly Bitcoin, aligns with his broader financial philosophy of challenging the status quo and embracing change.