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Trump commerce chief pick will vow 'thoughtful and rigorous' approach in testimony
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Trump commerce chief pick will vow 'thoughtful and rigorous' approach in testimony
Jan 28, 2025 1:44 PM

WASHINGTON, Jan 28 (Reuters) - President Donald Trump's

nominee to head the U.S. Commerce Department will tell senators

on Wednesday he will "take a thoughtful and rigorous approach"

to overseeing the agency but did not offer any specifics on

tariffs or China policy.

Howard Lutnick, CEO of Wall Street brokerage firm Cantor

Fitzgerald, did not address policy specifics in his written

testimony for the Senate Commerce Committee seen by Reuters. As

commerce secretary, Lutnick is to have "additional direct

responsibility" for the U.S. Trade Representative's office.

Lutnick's testimony is largely biographical and does not

address the $52.7 billion semiconductor chips manufacturing and

research program approved by Congress and overseen by the

department.

"We need healthy businesses - small, medium, and large - to

hire our great American workers to drive our economy," Lutnick's

testimony said.

On Monday, Trump said he plans to impose tariffs on imported

computer chips, pharmaceuticals and steel to push companies to

manufacture more in the U.S.

The Republican president has promised to slap 25%

tariffs on imports from Canada and Mexico by Feb. 1 if the two

countries do not meet demands on border security and other

issues.

Lutnick is also likely to face questions on rising U.S.

restrictions on AI chips

,

Chinese connected vehicles

and a growing number of Chinese companies that face U.S.

export controls as well as potential conflicts of interest given

his large financial holdings.

"I will dedicate myself to making our government more

responsive, working to ensure Americans have the greatest

opportunity for success," Lutnick's testimony says.

Lutnick, who is worth $1.5 billion according to Forbes,

also runs brokerage BGC Group ( BGC ) and is chairman of Newmark

Group ( NMRK ), a commercial real estate services firm, and FMX, a

platform owned by some of Wall Street's biggest banks and

traders.

He has vowed to resign from his positions and divest

assets including his interests in those entities if confirmed.

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