Wall Street billionaire Howard Lutnik confirmed as US Commerce Secretary under Donald Trump’s administration – The Times of India

Wall street billionaire Howard Lutenic Confirmed as new USC Commerce SecretaryGet an important role in US President Donald TrumpTrade agenda, which prefer tariffs as a tool for economic lens.
The Senate on Tuesday gave 51–45 votes to approve its appointment.
Financial services veteran former CEO Lutnik Canter fitzgeraldIt has been a strong lawyer to use tariffs to protect American industries and use tariffs for foreign governments to put pressure on business concessions. Their new position leads him to shape the US economic policy, especially in areas such as international trade, technology exports and industrial subsidy.
As the Secretary of Commerce, Lubricant American business will work closely with the office of the representative, strengthening the aggressive approach to Trump’s business. The administration has already imposed tariffs on China and has launched extensive duties on American trading partners, including a proposed levy of up to 25% on Canada and Mexico. Initially, these tariffs prescribed to be effective in early March have been temporarily prevented for interaction. Meanwhile, duties on steel and aluminum imports are going to be implemented on 12 March.
During the hearing of its confirmation last month, Lutnik defended the tariff, saying, “We can use tariffs to make mutuality, fairness and respect.” They dismissed concerns that they contribute to inflation, such claims are called “rubbish”.
Lutnik has promised to take a tough stance on China, especially about technology exports. He recently pointed out the progress of artificial intelligence by Chinese Startup Deepsek, stating that Meta’s open-source platforms and Chips of NVidia were trusted. “We need to stop them from helping them,” he said.
Beyond the tariff, Lootnik will oversee major economic initiatives including a $ 53 billion program to promote us Semiconductor manufacturing Under 2022 Chips and Science Act. They have described funding as “excellent downpayments”, but suggested that investment review is necessary. Additionally, he will manage efforts to expand broadband Internet access More than 6.25 million houses across the country.
Their role extends to ban sensitive technology exports to opponents like China and Russia, a responsibility that they have vowed to implement strictly.
Lutnik’s huge financial portfolio has expressed concern about capacity conflicts of interestHis financial disclosure statement revealed more than 800 businesses and earnings of more than $ 350 million in the last two years. A remarkable investment includes bets through the relationship of important metals of Cantor Fitzgerald in Greenland’s mining industry. Trump, who had previously swims the idea of ​​buying Greenland, has shown deep interest in his natural resources.
For decades, an important person in Wall Street, Lutnik, received the national recognition after the September 11 attacks, in which Cantor Fitzgerald lost 658 employees, including his brother. He led the recovery of the firm and remains a board member of the National September 11 Memorial and Museum.