Wall Street CEO nominated to lead US Trade representative's office

Us President-elect Donald Trump has announced his choice of Wall Street billionaire Carl Lutnick as Commerce secretary.

According to Reuters and Bloomberg, Trump said in a statement Tuesday that Cantor Fitzgerald Chairman and CEO Howard Lutnick will lead his tariff and trade agenda.

Mr. Trump said Mr. Lutnick would "in addition have direct responsibility" for the Office of the United States Trade Representative.

The United States Trade Representative is traditionally the top trade position in the federal government. The Trump transition team did not immediately respond to questions about the scope of Lutnick's duties, including whether he would also serve as U.S. Trade representative.

Mr. Lutnick, 63, is a longtime friend of Mr. Trump and one of his most vocal supporters on Wall Street, pushing him to reach out to the financial community and support the Republican vision of bringing manufacturing jobs back to the United States and promoting cryptocurrency adoption.

The Commerce Department is at the heart of the technology war between China and the United States, and Lutnick is a staunch supporter of tariffs.

During the presidential campaign, Lutnick traveled across the country for Trump, championing Trump's populist agenda.

He co-chaired the Trump transition team and was instrumental in helping the president return to power and advance his conservative agenda with like-minded Trump loyalists.

The Commerce Department is the link between the federal government and private industry and will play a key role in pushing Trump's policies. The Commerce Department's primary goal is to promote domestic employment and economic growth.