Trump's New Commerce Secretary Pick: A Wall Street Power Play

Donald Trump nominates Howard Lutnick, a Wall Street CEO and longtime ally, as commerce secretary. Lutnick will oversee the U.S. Commerce Department's crucial role in regulating tech-related trade, especially with China. He supports Trump's vision of bringing manufacturing jobs back to the U.S. and adopting cryptocurrency.

In a significant move, U.S. President-elect Donald Trump announced that he will nominate Howard Lutnick, CEO of Wall Street brokerage Cantor Fitzgerald, as commerce secretary. Lutnick is tasked with overseeing a department that plays a pivotal role in the tech tensions between the U.S. and China.

Trump's decision taps into a longstanding alliance with Lutnick, whose support aligns with Trump's ambitions to rejuvenate domestic manufacturing and encourage cryptocurrency adoption. Despite media inquiries, further details about Lutnick's responsibilities remain sparse.

The Commerce Department, which manages diverse duties like trade regulation and the census, is at the forefront of enforcing U.S. export controls to curb China's technological advancements, particularly in semiconductors. This strategy also supports Lutnick's tariff-driven, economic vision against Beijing.

(With inputs from agencies.)