President-elect Trump hailed Lutnick, describing him as 'a dynamic force on Wall Street for more than 30 years,' cementing his role in shaping trade policy.
As secretary of commerce, Lutnick will oversee a range of responsibilities, including the release of economic data and the imposition of trade restrictions, crucial for the US economy.
Trump has promised aggressive tariffs, including a 10- to 20-percent levy on all imports and a 60-percent tax on goods from China, influencing global trade dynamics.
The incoming administration's trade stance may significantly harden, with prior controls under Biden being ramped up, reflecting a shift towards stricter export regulations.
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