Howard Lutnick, President Trump's nominee for Commerce Secretary, pledged to divest all his business holdings within 90 days during his confirmation hearing. Lutnick, a vocal supporter of Trump's trade policies, expressed support for tariffs as a tool to achieve reciprocity in trade deals and dismissed concerns about inflation caused by tariffs.
Billionaire financier Howard Lutnick, President Donald Trump 's pick to lead the Commerce Department, pledged Wednesday to sell all of his business holdings within 90 days. 'I will divest, I will sell all of my interests, my business interests, all of my assets, everything,' Lutnick said during a confirmation hearing before the Senate Committee on Commerce , Science, and Transportation. 'I made the decision I've made enough money in my life.
' Lutnick, who headed the investment firm Cantor Fitzgerald, has become a vocal supporter of Trump's tough trade policies, particularly on America's two biggest trading partners, Canada and Mexico. He suggested that tariffs on Canada and Mexico could be avoided if they met Trump's demands to curb the flow of undocumented immigrants and fentanyl into the United States. Lutnick expressed support for using across-the-board import taxes 'country by country' to pressure trade partners into lowering tariffs on U.S. exports. 'Tariffs are a way to create reciprocity,' he said.Lutnick dismissed the view of many economists that tariffs cause inflation, arguing that China and India have high import taxes but low inflation. (The International Monetary Fund forecasts 1.7% inflation in China, 4.1% in India, and 1.9% in the United States this year.) Lutnick was considered for the position of Treasury secretary but Trump ultimately chose someone seen as more agreeable to Wall Street: wealthy investor The Commerce Department is a vast bureaucracy with nearly 50,000 employees. As a voice for business in the federal government, it administers trade policy, collects economic data, oversees government funding of new computer chip factories, conducts the census, grants patents, and issues weather reports, among other responsibilities. Lutnick was CEO at Cantor Fitzgerald when its offices were hit in the September 11, 2001 attack on the World Trade Center. The firm lost two-thirds of its employees — 658 people — that day, including Lutnick's brother, Gary Lutnick. Lutnick serves on the Board of Directors of the National September 11 Memorial & Museum. Speaking about 9/11, Lutnick became visibly emotional. 'I still can't say it without getting emotional,' he said. Lutnick, who previously appeared on Trump's reality television show 'The Apprentice,' is a strong supporter of cryptocurrencies, digital money that can be traded online outside the heavily regulated banking system. Bitcoin is the most popular cryptocurrency. Last year, Lutnick launched a cryptocurrency platform called World Liberty Financial with family members
COMMERCE TRUMP LUTNICK TARIFFS BUSINESS HOLDINGS CONFIRMATION HEARING
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