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Home News World

US Senate Confirms Lutnick as Commerce Secretary

Doris Israel Ijeoma by Doris Israel Ijeoma
February 19, 2025
in World
0
US Senate Confirms Lutnick as Commerce Secretary

The US Senate has approved Howard Lutnick as the new commerce secretary, advancing President Donald Trump’s trade policies.

Lutnick, a billionaire and former CEO of Cantor Fitzgerald, secured the role with a 51-45 vote on Tuesday.

Trump has pushed for tariffs as a tool to influence trade and international negotiations.

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Lutnick, a longtime supporter of such measures, will now oversee key trade policies, including restrictions on technology exports to China and Russia.

The Commerce Department also manages a $53 billion initiative to boost US semiconductor manufacturing.

Lutnick previously described the programme as a good starting point but called for further investment.

During his confirmation hearing, he expressed strong support for broad tariffs targeting entire countries rather than specific products.

He dismissed concerns that tariffs could drive inflation, arguing they would instead promote fairness in trade.

Trump has already imposed 25% tariffs on Canada and Mexico, citing concerns over immigration and drug smuggling.

These levies, set to begin in March, have prompted ongoing negotiations. Additional tariffs on steel and aluminum imports will take effect on March 12.

Lutnick is expected to introduce further reciprocal tariffs on US trading partners as early as April 2, aiming to address trade imbalances.

Tags: Howard Lutnick
Doris Israel Ijeoma

Doris Israel Ijeoma

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