Wilbur Ross's former colleague, 63-year-old Cantor Fitzgerald CEO, became the latest Trump administration official to be confirmed by the Senate. Lutnick, who was chairman and CEO of Cantor Fitzgerald before joining the administration, emphasized the administration's focus on domestic manufacturing, competing with China, and addressing trade imbalances.
Lutnick, 63, was confirmed in a 51-45 vote by the full Senate. He will oversee and provide guidance on a large swath of President Donald Trump’sLutnick, who is married with four children, was the chairman and CEO of financial services giant Cantor Fitzgerald. He joined the firm right after college and quickly rose through the ranks, becoming president and CEO of the firm in 1991. He was named chairman of the board just five years later.
Trump has vowed a much more aggressive tariff regime for his second administration. On the campaign trail, Trump teased 10% to 20% across-the-board tariffs and 25% tariffs on Mexico in Canada designed as a stick to coerce the two allies into stopping the flow of illegal immigrants and fentanyl into the U.S.
Trump has also pushed for Congress to pass the Reciprocal Trade Act, which allows the president unilaterally to impose tariffs of equal size of any tariffs placed by other countries on the U.S. Of note, freshman Rep. Riley Moore has already Cantor Fitzgerald’s corporate headquarters was located on several floors near the top of Tower 1, and every single employee who came to work that day was killed in the attack, 658 in all, which made up more than 68% of the firm’s total workforce. Lutnick’s brother, Gary, was among those who died.
The release sent domestic chip producers like Nvidia into a tailspin, with its stock having plunged 15% in the five days leading up to the hearing. It has since recovered.
TRUMP ADMINISTRATION COMMERCE DEPARTMENT WILBUR ROSS CHINA TARIFFS
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