101 - The Secretary of Commerce
New Commerce Secretary Lutnick Set to Reshape US Trade and Economic Policies
Howard Lutnick, the former CEO of Cantor Fitzgerald, has been confirmed as the 41st Secretary of Commerce, marking a significant shift in the administration's economic and trade policies. His confirmation on February 21, 2025, was met with a 51-45 Senate vote, largely split along party lines, with Democrats opposing his nomination.
As Secretary of Commerce, Lutnick will be instrumental in carrying out President Donald Trump's tariff regime and overseeing the Office of the U.S. Trade Representative. He has expressed strong support for "across the board" tariffs on countries rather than product-based duties, arguing that the global trading environment treats the U.S. poorly and that tariffs can be used to create reciprocity, fairness, and respect.
One of the immediate challenges Lutnick faces is the ongoing trade war, particularly with major trade partners such as China, Mexico, and Canada. He will also be responsible for implementing recently announced duties on steel and aluminum, as well as reciprocal tariffs on all countries. In a recent proclamation, President Trump announced the termination of existing general approved exclusions for steel imports from several countries, including Argentina, Australia, Brazil, Canada, EU countries, Japan, Mexico, South Korea, and the United Kingdom, effective March 12, 2025. These imports will now be subject to additional ad valorem tariffs aimed at protecting the U.S. steel industry and addressing national security concerns[2].
Lutnick's confirmation also raises questions about the future of the CHIPS and Science Act, a law aimed at developing a domestic semiconductor industry. While he supports the law's intent, he has indicated a desire to review the law and has not committed to respecting funding for finalized contracts with major chipmakers like Intel, TSMC, and Samsung. Instead, he emphasized the need to rigorously enforce the terms of these contracts to ensure the U.S. benefits from the investments[1].
In addition to trade and tariffs, Lutnick's role will involve fostering an environment conducive to business growth and competitiveness. The National Minority Supplier Development Council (NMSDC) has acknowledged his confirmation and looks forward to working with him to advance policies that promote entrepreneurship, remove barriers to opportunity, and support minority business enterprises. These efforts are crucial for strengthening supply chains, increasing access to capital, and opening new markets, all of which contribute to economic resilience and competitiveness[4].
As Lutnick navigates these complex economic and trade issues, his decisions will have far-reaching implications for U.S. businesses, industries, and the broader economy. His stance on tariffs and trade policies is likely to shape the country's economic landscape in the coming months and years.
As Secretary of Commerce, Lutnick will be instrumental in carrying out President Donald Trump's tariff regime and overseeing the Office of the U.S. Trade Representative. He has expressed strong support for "across the board" tariffs on countries rather than product-based duties, arguing that the global trading environment treats the U.S. poorly and that tariffs can be used to create reciprocity, fairness, and respect.
One of the immediate challenges Lutnick faces is the ongoing trade war, particularly with major trade partners such as China, Mexico, and Canada. He will also be responsible for implementing recently announced duties on steel and aluminum, as well as reciprocal tariffs on all countries. In a recent proclamation, President Trump announced the termination of existing general approved exclusions for steel imports from several countries, including Argentina, Australia, Brazil, Canada, EU countries, Japan, Mexico, South Korea, and the United Kingdom, effective March 12, 2025. These imports will now be subject to additional ad valorem tariffs aimed at protecting the U.S. steel industry and addressing national security concerns[2].
Lutnick's confirmation also raises questions about the future of the CHIPS and Science Act, a law aimed at developing a domestic semiconductor industry. While he supports the law's intent, he has indicated a desire to review the law and has not committed to respecting funding for finalized contracts with major chipmakers like Intel, TSMC, and Samsung. Instead, he emphasized the need to rigorously enforce the terms of these contracts to ensure the U.S. benefits from the investments[1].
In addition to trade and tariffs, Lutnick's role will involve fostering an environment conducive to business growth and competitiveness. The National Minority Supplier Development Council (NMSDC) has acknowledged his confirmation and looks forward to working with him to advance policies that promote entrepreneurship, remove barriers to opportunity, and support minority business enterprises. These efforts are crucial for strengthening supply chains, increasing access to capital, and opening new markets, all of which contribute to economic resilience and competitiveness[4].
As Lutnick navigates these complex economic and trade issues, his decisions will have far-reaching implications for U.S. businesses, industries, and the broader economy. His stance on tariffs and trade policies is likely to shape the country's economic landscape in the coming months and years.
- Broadcast on:
- 02 Mar 2025
Howard Lutnick, the former CEO of Cantor Fitzgerald, has been confirmed as the 41st Secretary of Commerce, marking a significant shift in the administration's economic and trade policies. His confirmation on February 21, 2025, was met with a 51-45 Senate vote, largely split along party lines, with Democrats opposing his nomination.
As Secretary of Commerce, Lutnick will be instrumental in carrying out President Donald Trump's tariff regime and overseeing the Office of the U.S. Trade Representative. He has expressed strong support for "across the board" tariffs on countries rather than product-based duties, arguing that the global trading environment treats the U.S. poorly and that tariffs can be used to create reciprocity, fairness, and respect.
One of the immediate challenges Lutnick faces is the ongoing trade war, particularly with major trade partners such as China, Mexico, and Canada. He will also be responsible for implementing recently announced duties on steel and aluminum, as well as reciprocal tariffs on all countries. In a recent proclamation, President Trump announced the termination of existing general approved exclusions for steel imports from several countries, including Argentina, Australia, Brazil, Canada, EU countries, Japan, Mexico, South Korea, and the United Kingdom, effective March 12, 2025. These imports will now be subject to additional ad valorem tariffs aimed at protecting the U.S. steel industry and addressing national security concerns[2].
Lutnick's confirmation also raises questions about the future of the CHIPS and Science Act, a law aimed at developing a domestic semiconductor industry. While he supports the law's intent, he has indicated a desire to review the law and has not committed to respecting funding for finalized contracts with major chipmakers like Intel, TSMC, and Samsung. Instead, he emphasized the need to rigorously enforce the terms of these contracts to ensure the U.S. benefits from the investments[1].
In addition to trade and tariffs, Lutnick's role will involve fostering an environment conducive to business growth and competitiveness. The National Minority Supplier Development Council (NMSDC) has acknowledged his confirmation and looks forward to working with him to advance policies that promote entrepreneurship, remove barriers to opportunity, and support minority business enterprises. These efforts are crucial for strengthening supply chains, increasing access to capital, and opening new markets, all of which contribute to economic resilience and competitiveness[4].
As Lutnick navigates these complex economic and trade issues, his decisions will have far-reaching implications for U.S. businesses, industries, and the broader economy. His stance on tariffs and trade policies is likely to shape the country's economic landscape in the coming months and years.
As Secretary of Commerce, Lutnick will be instrumental in carrying out President Donald Trump's tariff regime and overseeing the Office of the U.S. Trade Representative. He has expressed strong support for "across the board" tariffs on countries rather than product-based duties, arguing that the global trading environment treats the U.S. poorly and that tariffs can be used to create reciprocity, fairness, and respect.
One of the immediate challenges Lutnick faces is the ongoing trade war, particularly with major trade partners such as China, Mexico, and Canada. He will also be responsible for implementing recently announced duties on steel and aluminum, as well as reciprocal tariffs on all countries. In a recent proclamation, President Trump announced the termination of existing general approved exclusions for steel imports from several countries, including Argentina, Australia, Brazil, Canada, EU countries, Japan, Mexico, South Korea, and the United Kingdom, effective March 12, 2025. These imports will now be subject to additional ad valorem tariffs aimed at protecting the U.S. steel industry and addressing national security concerns[2].
Lutnick's confirmation also raises questions about the future of the CHIPS and Science Act, a law aimed at developing a domestic semiconductor industry. While he supports the law's intent, he has indicated a desire to review the law and has not committed to respecting funding for finalized contracts with major chipmakers like Intel, TSMC, and Samsung. Instead, he emphasized the need to rigorously enforce the terms of these contracts to ensure the U.S. benefits from the investments[1].
In addition to trade and tariffs, Lutnick's role will involve fostering an environment conducive to business growth and competitiveness. The National Minority Supplier Development Council (NMSDC) has acknowledged his confirmation and looks forward to working with him to advance policies that promote entrepreneurship, remove barriers to opportunity, and support minority business enterprises. These efforts are crucial for strengthening supply chains, increasing access to capital, and opening new markets, all of which contribute to economic resilience and competitiveness[4].
As Lutnick navigates these complex economic and trade issues, his decisions will have far-reaching implications for U.S. businesses, industries, and the broader economy. His stance on tariffs and trade policies is likely to shape the country's economic landscape in the coming months and years.