Published On Nov 19, 2024, 11:32 AM
President-elect Donald Trump has nominated Howard Lutnick, CEO of Cantor Fitzgerald, to be the Secretary of Commerce. Lutnick, who has been involved in Trump's transition team and fundraising efforts, will oversee the U.S. Trade agenda, focusing on tariffs and international trade regulation. The Senate is expected to consider his nomination after Congress reconvenes in January 2025.
Positive
Lutnick's nomination is likely to bolster sentiment for sectors benefiting from a pro-trade and tariff-focused agenda, particularly within industries linked to energy and commodities.
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The billionaire executive and leader of President-elect Donald J. Trump’s transition team will be charged with promoting U.S. industry and overseeing technology controls on China.
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The energy price cap is predicted to edge up by 1% from January, according to analysis by Cornwall Insight.