Punchbowl recently revealed that Trump is picking Howard Lutnick for the Commerce Secretary position. It is yet another name in Trump’s lineup of pro-crypto people in the White House.
Punchbowl shared in an X post that the CEO of Cantor Fitzgerald firm is Trump’s choice for the position of Commerce Secretary.
Trump’s friendship with Lutnick goes way back. They also share the Republican vision to reestablish the jobs of manufacturing in the US as well as uplift the use of cryptocurrency.
Lutnick with his portfolio in trading and real estate has been Trump’s top Wall Street promoter. He has hosted fundraisers for the president while boasting about his policies across the media.
The selection of Lutnick in Trump’s transition team does not come as a surprise as the expectation has been lingering over the weeks.
However, no statement has been regarding it from the president’s transition team or Lutnick himself. Therefore this nomination can’t be referred as final until announced officially.
The Department of Commerce includes a broad range of responsibilities from regulating maritime to the census. It also plays a prominent role in the tech war between the US and China as it oversees American export controls as well.
The Commerce Department is at the forefront of strict export regulations aimed at China
The Commerce Department stands at the forefront of weakening the exports of tech-related products (semiconductors and equipment used for manufacturing them) from the US or any other foreign source to China.
The department is responsible for imposing regulations for this purpose under Biden and Trump’s administrations. The main reason for this is the fear of Bejing weaponizing US tech to reinforce its military power.
Therefore, the next Commerce Secretary will be handling these specific responsibilities to halt China’s progress in technology, especially in Artificial Intelligence by forcing the policies and rules to strictly control the tech-related exports.
Although Lutnick does not usually mention China like other members close to Trump, he advocates tariffs for China.
The New York Times reported that the investment banker had said in a podcast in October that the US should make money by putting tariffs on China. This can generate up to $400 billion in revenue.
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