Trump picks Wall St CEO Lutnick to run Commerce, oversee USTR, tariffs

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Trump picks Wall St CEO Lutnick to run Commerce, oversee USTR, tariffs - Business Standard

Quick Summary:

Lutnick also runs brokerage BGC Group and is chairman of Newmark Group, a commercial real estate services firm, and FMX, a platform owned by some of Wall Street's biggest banks and traders.Shares of BGC fell 2.6 per cent.

They include authority over export controls on sensitive US technologies, which have put it at the center of trade conflicts with China, as well as investigating anti-dumping and anti-subsidy cases that often result in punitive tariffs to protect domestic industries.

Lutnick, the head of brokerage firm Cantor Fitzgerald, will also have "additional direct responsibility" for the US Trade Representative's office, Trump said in a statement.