President-elect Donald Trump has named billionaire businessman and philanthropist Howard Lutnick as Secretary of Commerce. Announcing the appointment on Truth Social, Trump praised Lutnick's service to 9/11 families and his role as co-chair of the Trump-Vance Transition Team.

Key points

1. If confirmed, Lutnick would be the oldest of Trump's nominees, at 63. If Scott Bessent is named Treasury Secretary, they would be nearly the same age. This makes his economic team a generation older than his national security picks.

2. Lutnick has been a Trump political booster since 2019. Again, we see that Trump is not repeating the mistake of his first term in drawing on big names with their own agendas for cabinet positions.

3. Lutnick's service as a transition team co-chair further cements his status as someone in Trump's inner circle who will have the political clout to do what he needs to do.

4. He supports the idea of tariffs to level the playing field in international trade. 

🚨 BREAKING: Trump has selected Howard Lutnick as his Commerce Secretary - Punchbowl News

Lutnick SUPPORTS Trump's efforts to bring companies back to the USA.

🔥🔥

"Come to America, build in America."

"Put a tariff out, and say to the company - if you come to America and you… pic.twitter.com/t1WMIxVct7

— Eric Daugherty (@EricLDaugh) November 19, 2024

5. He seems open to the idea of cryptocurrency.

“Bitcoin is the same as gold. And Bitcoin should trade the same as gold—everywhere in the world, without exception.”

This man, Howard Lutnick, could be the next Treasury Secretary.

If it feels like we’re in the middle of a global paradigm shift, it’s because we are. pic.twitter.com/7XoacxGUKn

— Sam Lyman (@SamLyman33) November 13, 2024

Bottom Line

Lutnick is a Trump loyalist who values loyalty in his subordinates. He is aligned with President Trump on personal and policy levels. His knowledge of Wall Street and international trade, combined with his political clout, will make him a very significant Commerce Secretary.