Trump picks Wall St CEO Lutnick to run Commerce, oversee USTR, tariffs
Source: msn/Reuters
11h
WASHINGTON (Reuters) -U.S. President-elect Donald Trump said on Tuesday he will nominate Wall Street CEO Howard Lutnick to lead his trade and tariff strategy as head of the Commerce Department, the agency that has become the U.S. weapon of choice against China's tech sector.
Lutnick, the head of brokerage firm Cantor Fitzgerald, will also have "additional direct responsibility" for the U.S. Trade Representative's office, Trump said in a statement. Trump's transition team did not respond to requests for clarity on Lutnick's responsibilities, including whether he would also serve as U.S. Trade Representative, traditionally the top U.S. trade policy job.
The USTR reports directly to the president and different committees in Congress handle oversight for the two agencies. With the appointments, Trump taps a long-time friend who backs the Republican's vision to bring manufacturing jobs back to the U.S. and promote the adoption of cryptocurrency.
Lutnick also runs brokerage BGC Group and is chairman of Newmark Group, a commercial real estate services firm, and FMX, a platform owned by some of Wall Street's biggest banks and traders. Shares of BGC fell 2.6%.
Read more: https://www.msn.com/en-us/money/markets/trump-picks-wall-st-ceo-lutnick-to-run-commerce-oversee-ustr-tariffs/ar-AA1uob5m