Howard Lutnick was confirmed as the 41st commerce secretary on Tuesday, taking on responsibility to carry out President Donald Trump's tariff regime.
The former Cantor Fitzgerald CEO will be tasked with carrying out Trump's trade war as he oversees the Office of the U.S. Trade Representative. This oversight is likely to include the pending tariffs against top trade partners China, Mexico and Canada, as well as recently announced duties on steel and aluminum and reciprocal tariffs on all countries.
Lutnick was confirmed in a 51-45 Senate vote split largely along party lines, with Democrats opposed. As part of assuming his duties as commerce secretary, Lutnick stepped down as chairman and CEO of Cantor Fitzgerald.
During his Jan. 29 confirmation hearing, Lutnick said he supported "across the board" tariffs on countries, rather than product-based duties.
"We are treated horribly by the global trading environment," Lutnick said. "They all have higher tariffs, non-tariff trade barriers and subsidies; they treat us poorly. We need to be treated with respect. We can use tariffs to create reciprocity, fairness and respect."
Lutnick's confirmation also further clouds the future of the CHIPS and Science Act, the funding of which is overseen by the Commerce Department.
Lutnick said during his hearing that while he supports the law and its intent to develop a domestic semiconductor industry, he wants the law to undergo a review. He declined to say whether he would respect funding finalized contracts that would give billions of dollars to Intel, TSMC, Samsung and other chipmakers.
"To the extent monies have been disbursed, I will commit to rigorously enforcing the documents that have been signed by those companies to make sure we get the benefit of the bargain,” Lutnick said at the hearing.
