Howard Lutnick was confirmed as commerce secretary, supporting President Trump's hardline trade strategies. With extensive experience as CEO of Cantor Fitzgerald, Lutnick will lead 50,000 Commerce Department employees while managing the administration's push for significant tariffs on trade partners. The Senate's narrow confirmation vote underscored divisive opinions on trade, especially as mainstream economists warn that tariffs are counterproductive and could lead to inflation. Lutnick rejected these economic concerns, advocating for aggressive tariff strategies to pressure other nations for trade concessions, marking a significant shift in U.S. trade policy standards.
At his confirmation hearing last month, Lutnick dismissed as nonsense the idea that tariffs contribute to inflation.
Trump views the tariffs as a versatile economic tool. They can raise money to finance his tax cuts elsewhere, protect U.S. industries and pressure other countries.
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