Lutnick confirmed as commerce head in 51-45 Senate vote

The U.S. Senate confirmed Howard Lutnick as the Secretary of Commerce in a 51-45 vote, positioning him as a key figure in President Trump's trade agenda.

Lutnick, formerly the CEO of Cantor Fitzgerald, is expected to play a significant role in implementing Trump's "America First" trade policies, which utilise tariffs as a negotiation tool.

Lutnick's confirmation indicates a continued push for economic nationalism, prioritising domestic industry and trade balance adjustments.

He aligns with Trump's "trade and tariff agenda," aiming to correct trade imbalances by imposing reciprocal tariffs.

"We can use tariffs to create reciprocity, fairness and respect in international trade," Lutnick stated.

During his confirmation hearing, Lutnick dismissed concerns that tariffs cause inflation, labeling it "nonsense."

He supports deploying tariffs to encourage other countries to lower barriers to American exports.

Trump has tasked Lutnick with leading the administration's tariff and trade agenda.

In his new role, Lutnick will oversee a large department with responsibilities ranging from fisheries management to export controls.

The Commerce Department is also in charge of a nearly $53 billion program involving subsidies to stimulate the U.S. chipmaking sector.

Lutnick has pledged to divest his financial interests to remain impartial, promising to sell all of his interests and assets within 90 days of his confirmation.

Lutnick is anticipated to play a crucial role as the United States re-engages in economic discussions, particularly with China.

He indicated a firm approach regarding the Commerce Department's management of technology sales to China, asserting that U.S. export controls would be backed by the potential imposition of tariffs.