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Business & Economy
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Trump taps Howard Lutnick for Commerce secretary
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The president-elect’s longtime friend is the chair and CEO of Cantor Fitzgerald and is currently serving as co-chair of the Trump transition.
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Lutnick has publicly embraced Trump’s tariff plans, which will be a major part of the job leading Commerce.
Trump said he would “lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative.”
Lutnick is a prominent supporter of cryptocurrencies. He oversaw Cantor Fitzgerald’s response to 9/11, when more than 600 of its employees were killed at the World Trade Center.
The CEO was considered a front-runner for the role, along with Scott Bessent, who served as an economic adviser on the Trump campaign.
Lutnick also beat out Linda McMahon for the role leading Commerce. A co-chair of Trump’s transition team, she was considered a front-runner and previously led the Small Business Administration during his first term.
The Hill’s Alex Gangitano and Brett Samuels have more here.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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Key business and economic news with implications this week and beyond:
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How Trump and Republicans could pay for new tax cuts
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President-elect Trump and Republican lawmakers are gearing up to push a massive tax-cut bill through Congress next year but will face pressure to find ways to cover the costs.
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Walmart CFO says some prices might rise if Trump’s tariffs take effect
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A Walmart executive warned that President-elect Trump’s plans to raise tariffs on imports could drive the retail giant to increase the price of store items.
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Small businesses urge on tax deductions after GOP wins
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Small-business owners could face major tax increases at the end of 2025 and are asking the newly elected Congress and administration for tax deductions.
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Here are the benefits all US presidents get when they retire
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It’s nowhere near what the average corporate CEO earns, but the annual salary of the president of the United States may be the envy of most Americans: $400,000.
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Upcoming news themes and events we’re watching:
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The Senate Banking Subcommittee on Economic Policy is holding a hearing on tax policy in 2025, when several provisions in the 2017 Tax Cuts and Jobs Act expire, on Wednesday at 2 p.m. ET.
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Branch out with more stories from the day:
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Canada shares U.S. concerns about Mexican trade with China as possible trade talks loom
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TORONTO (AP) — Canada’s point person for U.S-Canada relations said Tuesday she shares U.S. concerns …
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Business and economic news we’ve flagged from other outlets:
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Amazon and SpaceX attack US labor watchdog in court (The Verge)
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DNC layoffs with no severance leave staffers scrambling, union says (The Washington Post)
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Rahm Emanuel’s Suspiciously Timed Stock Trades (The American Prospect)
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Top stories on The Hill right now:
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The Trump administration’s next target: naturalized US citizens
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It appears that President-elect Donald Trump intends to keep his campaign promise to begin deporting at least 15 million people who, he claims, have been “poisoning the blood” of our country. By at least one estimate, it will be virtually impossible — logistically and financially — … Read more
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GOP senators deride idea of replacing FBI background checks for Trump nominees
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Senate Republicans are rejecting a proposal floated by some advisers to President-elect Trump to take the job of conducting background checks for high-level nominees away from the FBI and give it to private investigators. Read more
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Opinion related to business and economic issues submitted to The Hill:
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- What Elon Musk could learn from Roosevelt’s Keep Commission
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You’re all caught up. See you tomorrow!
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