Howard Lutnick confirmed as Trump's commerce secretary
The Senate confirmed Howard Lutnick on Tuesday to serve as President Donald Trump’s secretary of commerce.
The Republican-controlled Senate voted to confirm Lutnick on Tuesday, less than a week after senators voted to invoke cloture on his nomination. He needed a simple majority for a full Senate confirmation, getting confirmed on a 51- 45 tally on Tuesday.
Lutnick passed his procedural vote last week after the Senate Commerce, Science, and Transportation Committee voted 16-12 to motion for cloture on Feb. 5.
Lutnick said he aligns with Trump's "trade and tariff agenda," which seeks to remedy trade imbalances by imposing reciprocal tariffs. His confirmation indicates a milestone for Trump's America First policy agenda.
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Lutnick, chair and CEO of investment firm Cantor Fitzgerald, is one of the wealthiest people to serve in a presidential administration. Lutnick vowed to divest his financial interests upon confirmation to remain impartial.
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"My plan is to only serve the American people. So I will divest, meaning I will sell all of my interests, all of my business interests, all of my assets, everything," Lutnick said. "I've worked together with the Office of Government Ethics, and we've reached agreement on how to do that, and I will be divesting within 90 days upon my confirmation."
During his confirmation hearing on Jan. 29, Lutnick said he would sell his businesses and elect someone else to lead them once confirmed. Lutnick aligned closely with Trump's trade and tariff policies during the hearing. He said it's "nonsense" that tariffs create inflation and advocated for reciprocity.
"We are treated horribly by the global trading environment. They all have higher tariffs, non-tariff trade barriers and subsidies. They treat us poorly. We need to be treated better. We can use tariffs to create reciprocity," Lutnick said.
Trump last week directed federal agencies to explore the implementation of reciprocal tariffs to remedy tariff imbalances imposed by countries that sell American products. The presidential memorandum directed Lutnick to study reciprocal trade relations within 180 days. Lutnick said Thursday he will have the report ready by April 1.
Trump also announced last week a 25% tariff on all steel and aluminum imports from all countries, adding up to a 35% tariff for Chinese steel and aluminum imports. The tariffs are set to begin March 12.
Trump nominated Lutnick to serve as commerce secretary two weeks after he was elected. Lutnick was a co-chair of Trump’s 2024 presidential transition team.
"I am thrilled to announce that Howard Lutnick, Chairman & CEO of Cantor Fitzgerald, will join my Administration as the United States Secretary of Commerce. He will lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative," Trump said in the announcement.
Trump praised Lutnick’s leadership during the presidential transition and said he "created the most sophisticated process and system to assist us in creating the greatest Administration America has ever seen."