Punchbowl recently revealed that Trump is picking Howard Lutnick for the Commerce Secretary position. It is yet another name in Trump’s lineup of pro-crypto people in the White House.
Punchbowl shared in an X post that the CEO of Cantor Fitzgerald firm is Trump’s choice for the position of Commerce Secretary.
Trump’s friendship with Lutnick goes way back. They also share the Republican vision to reestablish the jobs of manufacturing in the US as well as uplift the use of cryptocurrency.
The Department of Commerce includes a broad range of responsibilities from regulating maritime to the census. It also plays a prominent role in the tech war between the US and China as it oversees American export controls as well.
The selection of Lutnick in Trump’s transition team does not come as a surprise as the expectation has been lingering over the weeks. However, no statement has been regarding it from the president’s transition team.
The Commerce Department stands at the forefront of weakening the exports of tech-related products (semiconductors and equipment used for manufacturing them) from the US or any other foreign source to China.
The department is responsible for imposing regulations for this purpose under Biden and Trump’s administrations. The main reason for this is the fear of Bejing weaponizing US tech to reinforce its military power.
Therefore, the next Commerce Secretary will be handling these specific responsibilities to halt China’s progress in technology, especially in Artificial Intelligence by forcing the policies and rules to strictly control the tech-related exports.
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