Lutnick, 63, has been an influential figure in Trump’s inner circle
United States President-elect Donald Trump has named Howard Lutnick, CEO of Cantor Fitzgerald and co-chair of his White House transition team, as the next Treasury secretary, Reuters reports.
Howard Lutnick’s name had been talked about for some time. His appointment reinforces Trump’s preference for trusted allies and business leaders for key positions in his new administration.
Lutnick, 63, has been an influential figure in Trump’s inner circle, playing a central role in selecting cabinet members and defining strategy for the new term.
Elon Musk has previously praised Lutnick as a choice who will be able to “drive real change”, describing him as the opposite of someone who prefers a “traditional and stagnant” approach to problems, having proven him as a leader of the financial services company Singer Fitzgerald.
During a Trump campaign rally at Madison Square Garden, Lutnick defended raising tariffs as a way to boost the American economy, declaring that the United States prospered in the early 20th century when it relied solely on customs duties. This position is in line with Trump’s promises to impose tariffs of 60% on Chinese products and 10% on goods from other countries.
Lutnick will assume a strategic department, a type of Ministry of Finance, responsible for managing public debt, regulating financial institutions and implementing economic policies.
Among the most pressing challenges facing the future Treasury Secretary are restoring confidence in the financial system, managing the economic consequences of tariff policies and integrating new financial technologies, including the controversial area of cryptocurrencies. Lutnick even suggested that cryptocurrencies could be used as a way to pay taxes, a proposal that generated controversy in the financial community.
The Treasury Department will also play a crucial role in international negotiations, especially regarding China. During Trump’s first term, then-Treasury Secretary Steven Mnuchin was at the center of the trade war with China, a position that Lutnick is expected to inherit.
Lutnick is known not only for his role as CEO of Cantor Fitzgerald, but also for the company’s response to the terrorist attacks of September 11, 2001, which resulted in the deaths of hundreds of employees, including his brother. Lutnick later created a support fund for victims’ families and became a board member of the National September 11 Memorial, a position he still holds today.
