Howard Lutnick: Billionaire, Trump's Commerce Pick, and Crypto Advocate

Billionaire Howard Lutnick, nominated by President Trump to head the Commerce Department, plans to divest from his businesses. Lutnick, known for his support of Trump's trade policies, aims to use tariffs strategically. He remains active in cryptocurrency ventures and reflects on his 9/11 experience.

Howard Lutnick, a billionaire financier and President Trump's nominee for the Commerce Department, has announced plans to divest all his business holdings within 90 days. Lutnick, who leads the investment firm Cantor Fitzgerald, stated during a Senate confirmation hearing that his financial success will allow him to let go of his numerous business interests.

Introduced by Vice President JD Vance as a commendable choice, Lutnick supports Trump's stringent trade strategies, including the imposition of 25% tariffs on major trading partners. He sees tariffs as tools for fostering reciprocal trade relationships and dismisses the common economic perspective that tariffs lead to inflation.

Lutnick, whose firm was tragically impacted by the 9/11 attacks, continues to influence the financial sphere with his cryptocurrency initiatives. Despite being passed over for Treasury Secretary, Lutnick's commerce expertise, especially in cryptocurrency, positions him as a pivotal player in Trump's economic team.

(With inputs from agencies.)