US Confirms New Commerce Secretary

- During his confirmation hearing, Lutnick dismissed the idea that tariffs contribute to inflation as "nonsense" and expressed support for deploying them "country by country" to pressure trading partners into lowering barriers to American exports. - The Senate confirmed Lutnick by a vote of 51-45, with all voting Democrats and allied Independents opposing the nomination. - Lutnick has been tasked with leading the administration's "Tariff and Trade agenda," which includes direct responsibility for the Office of the United States Trade Representative, a role previously held solely by the U.S. Trade Representative. - At his hearing, Lutnick characterized the CHIPS and Science Act as an "excellent down payment" for bringing semiconductor manufacturing back to the U.S. but stated the program needs to be reviewed to ensure taxpayers get "the benefit of the bargain." - He has pledged to reduce regulatory burdens to support American manufacturing in sectors such as semiconductor construction and critical mineral extraction. - Lutnick recently pointed to the first expansion of the ISM Manufacturing PMI in over two years as evidence that the administration's tariff policies are strengthening American manufacturing while reducing imports. - He has framed the use of tariffs not just as a tool for trade, but also as leverage in what he terms a "drug war," aimed at stopping the flow of opioids from China, Mexico, and Canada. - Prior to his appointment, Lutnick was the CEO of Cantor Fitzgerald, a financial services firm he rebuilt after it lost 658 employees, including his brother, in the September 11, 2001 attacks on the World Trade Center.