The U.S. Senate confirmed Howard Lutnick, billionaire CEO of Cantor Fitzgerald, as Commerce Secretary in a 51-45 vote. Lutnick, a key advisor to President Donald Trump, will oversee critical economic policies, including trade, technology, and manufacturing.
The Commerce Department, with 47,000 employees, manages U.S. export controls, anti-dumping duties, economic data, and investment promotion. It also supervises the $52.7 billion CHIPS and Science Act to boost semiconductor manufacturing and a $42 billion broadband expansion initiative. Lutnick has pledged to review CHIPS awards, which the White House is reportedly renegotiating.
Advocating for "reciprocity" in trade, Lutnick supports tariffs on a country-by-country basis. He aims to improve U.S. dairy market access in Canada and shield domestic fisheries from Russian and Chinese imports. Additionally, he plans to reassess restrictions on firearm exports imposed by former President Joe Biden to prevent weapons from reaching foreign criminal organizations.
Lutnick also plans to curb China's access to U.S. technology. He recently accused Chinese AI startup DeepSeek of exploiting American innovations to develop a low-cost AI model and vowed to tighten restrictions on Beijing’s tech sector.
Senate Commerce Committee Chair Ted Cruz emphasized that Lutnick will focus on expanding wireless spectrum access and ensuring efficient use of taxpayer funds in programs like the CHIPS Act.
Lutnick, worth $1.5 billion per Forbes, will shape U.S. economic and trade policies amid ongoing global competition and shifting alliances.