Howard Lutnick Confirmed as US Commerce Secretary: What It Means for Trade & Crypto

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The US economy is currently at a crucial juncture. It appears that the newly inducted Trump administration is preparing to revamp the US crypto and trade policies. Recently, the US SEC appointed a special crypto task force to establish a clear cryptocurrency regulation framework. The US government announced trade tariffs against China, Mexico and Canada, and imposed tariffs on foreign aluminum and steel.

Interestingly, at a time when the world is discussing whether US president Donald Trump information

Donald Trump

Donald Trump is an American former president politician, businessman, and media personality, who served as the 45th president of the U.S. between 2017 to 2021. Trump earned a Bachelor of science in economics from the University of Pennsylvania in 1968. Trump won the 2016 presidential election as the Republican Party nominee against Democratic Party nominee Hillary Clinton while losing the popular vote. As president, Trump ordered a travel ban on citizens from several Muslim-majority countries, diverted military funding toward building a wall on the U.S.–Mexico border, and implemented a family separation policy. Trump has remained a prominent figure in the Republican Party and is considered a likely candidate for the 2024 presidential election

President

will continue his aggressive economic policies, his nominee for the position of US Commerce Secretary, Howard Lutnick – known for his pro-Bitcoin and pro-tariff views – has won Senate confirmation in a 51-45 vote.

Howard Lutnick Confirmed as US Commerce Secretary

Lutnick’s appointment as the US Commerce Secretary has created no surprise in many, closely watching US political developments. In November, 2024 itself, Donald Trump had already shared his intention to nominate Lutnick for the post.

For Trump, choosing Lutnick for the post might be a way of repaying the hard work he put in to support the Republican candidate in the US presidential election. This business leader played a crucial role in the Republican election fundraising process during both the 2020 and 2024 presidential campaigns.

Many in the business community have welcomed Lutnick’s appointment. Lutnick has been an extremely popular businessman. He was the Chairman and CEO of Cantor Fitzgerald and BGC Group. Shortly after his confirmation as the US Commerce Secretary, he stepped down from his business roles to comply with government ethics requirements.

As Commerce Secretary, he will manage sensitive areas including economic statistics, census operations, and weather reporting. More importantly, he will be responsible for implementing the new administration’s aggressive import tax strategy.

Lutnick’s Trade Policy and Support for Tariffs

Earlier, there were rumours that Lutnick was one of those who encouraged Donald Trump to go ahead with the aggressive import tax strategy.

During the confirmation hearing, Lutnick defended Trump’s tariff strategy strongly as expected, and even denounced concerns about the potential inflationary impact of tariffs.

Recently, the Trump administration imposed a 10% tariff on China. Beijing retaliated with a 15% counter-tariff on selected US goods.

The US government, which had announced a similar tariff plan against Mexico and Canada February 1, froze the move two days later until March 4.

The government even increased taxes on foreign steel and aluminum, indicating clearly that it is determinant to go to any extent to support local industries.

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Lutnick’s Bitcoin Advocacy and Crypto Support

The appointment of Lutnick, renowned for his pro-Bitcoin stance, has triggered great excitement among crypto enthusiasts, especially the Bitcoin community.

While speaking at a Bitcoin conference recently, he said:

“Bitcoin is like gold and should be free trade everywhere. We will do everything in our power to make it so.”

It was under Lutnick’s leadership that Cantor Fitzgerald commenced pro-crypto initiatives like a $2 billion Bitcoin financing operation.

The firm’s connection with the crypto industry is not limited to BTC. The firm backs numerous progressive crypto initiatives. It oversees Tether’s US Treasury holdings. Reports suggest that the company purchased a 5% stake in Tether lately.

In conclusion, Lutnick’s appointment as US Commerce Secretary marks a significant shift in both trade and crypto policies. His pro-tariff stance aligns with Trump’s economic strategy, while his Bitcoin advocacy excites the crypto community. As he takes charge, his policies could reshape US trade dynamics and crypto regulations, making his tenure one to watch closely.