The boss of the investment bank Cantor Fitzgerald, a fierce supporter and friend of the president-elect for years, failed to convince the Republican billionaire that he deserved the post of Treasury Secretary.
Donald Trump has officially selected Howard Lutnick as future Commerce Secretary. The boss of the investment bank Cantor Fitzgerald, a fierce supporter and friend of Donald Trump for years, had worked to convince the president-elect that he deserved the post of Secretary of the Treasury, which is the most important in the cabinet alongside that of Secretary of State, i.e. Minister of Foreign Affairs.
The responsibilities of Secretary of Commerce essentially cover the promotion of American companies abroad and the regulation of exports, which would still make Howard Lutnick, aged 63, an important player in the delicate negotiations which lie ahead with China and Europe. In recent months, he has distinguished himself by his active support for threats to impose new customs duties on the United States’ partners, particularly on China.
Usually it is up to the President’s Trade Representative to negotiate with the United States’ trading partners and assess possible sanctions to be imposed on them. The USTR is a small agency, separate from the Department of Commerce, but nonetheless very important.
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Nice consolation prize
A native of Long Island (New York), Howard Lutnick became a Wall Street figure for having rebuilt the Cantor Fitzgerald firm, largely decimated by the attacks of September 11, 2001. He has been spending a lot of time at Mar-a-Lago in recent weeks , because he was tasked by Donald Trump with pre-selecting candidates for key positions in his future administration.
In recent days, the American press has reported a certain annoyance on the part of Donald Trump at his friend’s zeal to recommend himself for the post of Treasury Secretary. Elon Musk, now inseparable from Donald Trump, publicly supported Howard Lutnick, because he was more “radical”, which apparently offended others close to the president-elect. In this context, the Commerce portfolio would be something of a nice consolation prize.
Scott Bessent, head of hedge fund Key Square Group, is another contender for the coveted post of Treasury Secretary. Former collaborator of George Soros, whose political opinions he does not share at all, Scott Bessent was more nuanced in his support for projects for strong new customs duties with a view to rebalancing United States foreign trade and stimulating the investment and employment on American soil. Kevin Warsh, one of the governors of the Federal Reserve (Fed) from 2006 to 2011, is also considered a possible choice for the Treasury. He is considered equally credible by the markets and has the necessary experience in Washington to advance Donald Trump’s ambitious program of deregulation and reduction of public spending.
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