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President-elect Donald Trump is reportedly set to appoint Cantor Fitzgerald CEO Howard Lutnick as his Commerce Secretary, as indicated by various reports on Tuesday.
Trump Allegedly Selects Cantor Fitzgerald CEO Howard Lutnick
Reports suggest that Trump is inclined to choose Lutnick to assist in overseeing the nation’s commerce. The billionaire entrepreneur has previously expressed support for the former reality television star’s contentious tariff initiatives.
At present, Trump intends to enforce a tariff range of 60 percent to 100 percent on goods from China, while imposing a 20 percent tariff on products from other foreign nations.
“Bitcoin is the same as gold. And Bitcoin should trade the same as gold—everywhere in the world, without exception.”
This individual, Howard Lutnick, could potentially be the next Treasury Secretary.
If it seems like we are experiencing a global paradigm shift, it is because we are. pic.twitter.com/7XoacxGUKn— Sam Lyman (@SamLyman33) November 13, 2024
Critics contend that the elevated tariffs will adversely affect the average American consumer’s finances, while supporters argue it will stimulate a manufacturing resurgence in the United States.
Donald Trump Evaluates Treasury Secretary Position
Meanwhile, the position of U.S. Treasury Secretary remains unresolved after Lutnick reportedly irritated the former U.S. president by aggressively campaigning for the sought-after cabinet role.
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In a conversation with The New York Times on November 17, an unnamed source informed the publication that the situation had escalated into a “knife fight” between Lutnick and fellow Treasury Secretary candidate Scott Bessent, with Lutnick being described as the “primary aggressor.”
The report indicates that the internal discord regarding which Wall Street executive would secure the position has led to “second thoughts” for Trump, which have allegedly “slowed down the selection process.”
In addition to the Key Square Capital Management founder, Trump is also reportedly considering Federal Reserve governor Kevin Warsh and billionaire Marc Rowan for the Treasury Secretary role.
Warsh and Rowan hold a comparatively less crypto-friendly perspective than Lutnick and Bessent. Warsh has recently defended the concept of a Central Bank Digital Currency (CBDC), while Rowan has stated that he does not recognize the “value of an alternative currency” in light of anti-money laundering and know-your-customer regulations.
Both Bessent and Lutnick have been outspoken supporters of Bitcoin in the past. Over the weekend, incoming Department of Health and Human Services Secretary Robert F. Kennedy Jr. took to X to endorse Lutnick for the Treasury Secretary position.
“Bitcoin is the currency of freedom, a hedge against inflation for middle-class Americans, a remedy against the dollar’s decline from the world’s reserve currency, and the offramp from a devastating national debt,” RFK wrote. “Bitcoin will have no stronger advocate than Howard Lutnick.”
Trump is scheduled to meet with Treasury Secretary candidates at Mar-a-Lago later this week.
The post Trump To Tap Crypto-Friendly Howard Lutnick As Commerce Secretary appeared first on Cryptonews.
