Howard Lutnick, President Trump's pick for Commerce Secretary, has moved closer to confirmation after clearing a key procedural hurdle in the Senate. The Senate voted 52-45 to invoke cloture, ending debate and setting the stage for a final confirmation vote. This follows a 16-12 vote by the Senate Commerce, Science, and Transportation Committee on February 5th to advance his nomination.
Lutnick, the Chairman and CEO of Cantor Fitzgerald and a co-chair of Trump’s 2024 presidential transition team, would become one of the wealthiest members of the administration if confirmed. During his confirmation hearing, he pledged to divest all his business interests and assets within 90 days of confirmation to avoid conflicts of interest. Lutnick stated that his businesses would be put up for sale and new leadership would be installed.
Trump nominated Lutnick shortly after his election victory, highlighting his role in the presidential transition and his anticipated leadership on trade and tariff issues. Lutnick will also oversee the Office of the United States Trade Representative.
During his confirmation hearing, Lutnick addressed tariff policy, asserting that the link between tariffs and inflation is unfounded. He expressed his belief that the U.S. is treated unfairly in the global trade landscape and advocated for using tariffs to achieve reciprocal trade agreements. He stated a preference for a broader tariff strategy rather than targeting individual countries.
This comes on the heels of President Trump's announcement of a 25% tariff on all steel and aluminum imports, with an additional tariff of up to 35% on Chinese steel and aluminum, set to take effect on March 12th.
