Economy
Trump taps Lutnick to be Commerce Secretary
Written by Ethan Bernard
November 19, 2024
President-elect Donald Trump has named Wall Street veteran Howard Lutnick as the new US Secretary of Commerce.
Lutnick, co-chair of the Trump-Vance Transition Team, is currently chairman and CEO of Wall Street financial services firm Cantor Fitzgerald, which he joined in 1983. He became president and CEO in 1991, and five years later was named chairman.
“He will lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the US Trade Representative,” Trump said in a post on Truth Social on Tuesday.
Lutnick’s appointment ends speculation that Robert Lighthizer, who served as US Trade Representative (USTR) in Trump’s first term, might be named Commerce Secretary in his second.
Ethan Bernard
Read more from Ethan BernardLatest in Economy
Fewer manufacturers optimistic about the economy
PMA’s April report shows that only 16% of surveyed manufacturers anticipate an increase in economic activity in the next three months (down from 23% in March)
Architecture billings continue to slide in March
Architecture firms said billings continued to decline in March, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.
Beige Book shows concerns about trade policy
Manufacturing was mixed, but two-thirds of districts said activity was little changed or had declined.
New York state manufacturing index drops again in April
Firms were pessimistic, with the future general business conditions index falling to its second lowest reading in the more than 20-year history of the survey
Construction adds 13,000 jobs in March
The construction sector added 13,000 jobs, seasonally adjusted, in March, but tariffs could undermine the industry.