Trump Picks Wall Street Titan Lutnick for Key Trade Role

Donald Trump intends to nominate Wall Street CEO Howard Lutnick as the head of the Commerce Department to lead the U.S. trade and tariff strategy, positioning him as a pivotal player in the trade battle with China. Lutnick is also expected to handle responsibilities for the U.S. Trade Representative's office.

Donald Trump has announced his intention to nominate Howard Lutnick, CEO of Cantor Fitzgerald, as the head of the Commerce Department. This appointment is crucial in shaping the U.S. trade and tariff strategy, particularly amidst ongoing tensions with China's tech sector.

Lutnick, a prominent figure on Wall Street, will also bear significant responsibilities within the U.S. Trade Representative's office, although specific details of his role remain unclear. This move aligns with Trump's broader strategy to incentivize manufacturing jobs back to American soil and navigate the cryptocurrency sphere.

The Commerce Department plays a vital role in managing export controls and setting tariffs, areas in which Lutnick's stance supports Trump's tariff-heavy approach, especially towards China. His nomination raises questions about the potential return of Robert Lighthizer, a past USTR and key tariff strategist for Trump.

(With inputs from agencies.)