The elected president of the United States, Donald Trump, announced on Tuesday the nomination of Howard Lutnick, the billionaire CEO of the brokerage Cantor Fitzgerald and a cryptocurrency enthusiast, to serve as Secretary of Commerce in his upcoming administration.
This designation highlights the president's protectionist approach, as he seeks to implement stricter tariff policies and promote domestic industry.
Lutnick, who has been a strong advocate for imposing tariffs as a measure to protect American workers, will take on a key role in the implementation of Trump's trade policies.
In previous statements, Lutnick stated, "Tariffs are an incredible tool for the president to use; we need to protect the American worker."
During the electoral campaign, Trump proposed a 60% tariff on products from China and a tariff of up to 20% on imports from other countries.
The new Secretary of Commerce would be responsible for managing a crucial agency in the design of economic policies, overseeing the technology industry, and implementing trade measures, including restrictions and monitoring global competitiveness. The Department of Commerce also plays a central role in funding new semiconductor factories and publishing key economic data.
However, many economists do not share this view on tariffs and consider it inefficient for generating revenue.
Lutnick had been considered for the position of Secretary of the Treasury, but this role is closely monitored in financial circles, where a disruptive nominee could have immediate negative consequences in the stock market.
The billionaire, who has been linked to Trump's transition team as co-chair alongside Linda McMahon, the former WWE executive, will also bring his experience as an entrepreneur with close connections to the business and financial community.
Lutnick's appointment adds to another significant shift in Trump's cabinet, with the appointment of billionaire Elon Musk to head the newly established Department of Government Efficiency (DOGE).
Musk, known for his disruptive approach and business success with Tesla and SpaceX, will be joined by Vivek Ramaswamy in the mission to reduce bureaucracy and increase efficiency in the U.S. government.
Trump has expressed his confidence that Musk and Ramaswamy will be able to "dismantle government bureaucracy, eliminate excessive regulations, and restructure federal agencies" with the aim of achieving a more efficient and less costly government.
According to the elected president, the Department of Government Efficiency will become “the Manhattan Project of our time,” referring to the historical initiative that developed the atomic bomb during World War II.
Trump also predicted that the work of Musk and Ramaswamy would conclude by July 4, 2026, and emphasized that their efforts would help reduce the waste in annual government spending, estimated at $6.5 trillion.
With these appointments, Trump continues to build a team of collaborators who share his vision of a more efficient government, with an emphasis on protecting the U.S. economy and restructuring the state apparatus.
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