The US Senate has confirmed billionaire and CEO of Cantor Fitzgerald LP Howard Lutnick as Secretary of Commerce in President Donald Trump’s administration. About this informs Bloomberg.
Lutnik’s candidacy was supported by 51 senators, while 45 voted “against”. He will have to lead a large-scale department responsible for a wide range of issues – from fisheries management to export control. Trump has tasked Lutnik with managing the administration’s trade and tariff policy and has emphasized that he will be directly responsible for the Office of the US Trade Representative.
During a Senate hearing, Lutnick said the tariff would be a tool to strengthen US national security, restore American manufacturing and stabilize supply chains. According to him, the tariffs will be an effective lever to force other countries to “respect” the US.
He also noted that China should face the toughest trade tariffs, but US allies should not expect any relief.
It will be recalled that Howard Lutnick is the chairman and CEO of the Cantor Fitzgerald financial company. His fortune, according to the Bloomberg Billionaires Index, is at least $2.2 billion.
