Howard Lutnick: Trump expected to nominate Cantor Fitzgerald CEO for Commerce Secretary

CNN
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President-elect Donald Trump is expected to nominate Cantor Fitzgerald CEO Howard Lutnick as commerce secretary, two sources familiar with the process told CNN.

Lutnick, who has served as co-chairman of Trump’s presidential transition team since August, had been in a battle with hedge fund manager Scott Bessent for the role of Treasury secretary after throwing his own name into the mix.

When Lutnick was appointed to Commerce, Lutnick tapped Robert Lighthizer, the U.S. Trade Representative during Trump’s first term, and Linda McMahon, an administrator of the Small Business Administration from 2017 to 2019, for the role. Both were informed in the last day or so that Lutnick got the job.

The move surprised many in Trump’s inner circle, as McMahon had been the clear front-runner for the role. Then, last week, Lighthizer appeared to be closer to getting it. And then, in the middle of the battle for the Treasury Department, Trump decided to go with his transition chairman.

For the past several months, Lutnick and McMahon have spearheaded the transition together, with Lutnick handling personnel matters such as vetting and advising Trump on Cabinet nominees and McMahon managing the policy side. McMahon had grown frustrated that Trump had not named her to the Commerce role last week when it became clear he was considering Lighthizer and was considering an ambassadorship for her instead. Then suddenly she was informed that her transition chairman was actually assigned the Commerce job.

At Trump’s Madison Square Garden rally last month, Lutnick said the United States was most prosperous in the early 1900s, when there was “no income tax and all we had were tariffs.”

“We had so much money that we got the biggest businessmen in the United States together to try to figure out how to spend it,” said Lutnick, 63, who has advocated higher tariffs. As a candidate, Trump promised to impose 60% tariffs on goods from China, as well as 10% tariffs on goods from other countries.

Lutnick came under fire for recent comments he made to CNN on “The Source,” in which he defended Robert F. Kennedy Jr.’s unproven notion that vaccines contribute to higher rates of autism in children. Trump announced Kennedy as his pick to serve as Health and Human Services secretary last week.

Lutnick was heralded for his leadership in the aftermath of the September 11, 2001, terrorist attack on the World Trade Center. Cantor’s headquarters occupied some of the highest floors of the North Tower, and on the day of the attack, the company lost several hundred employees, including Lutnick’s brother.

Lutnick started a relief fund for bereaved families, and he serves on the board of the National September 11 Memorial and Museum.

This story is breaking and will be updated.