President-elect Donald Trump announced on Tuesday that Howard Lutnick, chairman and CEO of Cantor Fitzgerald, will serve as the United States Secretary of Commerce in his upcoming administration.

In a statement on Truth Social, Mr Trump described Mr Lutnick as instrumental in crafting a “sophisticated process” to aid the transition team. He praised Mr Lutnick’s ability to lead the administration’s tariff and trade agenda.

Mr Trump added that Mr Lutnick would also oversee the Office of the United States Trade Representative, underscoring the importance of his role in shaping America’s economic future.

Mr Lutnick has long been recognised as a dynamic leader in the financial sector.

As the head of Cantor Fitzgerald, a global financial services firm, he guided the company through its darkest chapter following the September 11, 2001, attacks, when the firm lost 658 employees in the World Trade Center.

His efforts to rebuild the company while supporting the victims’ families earned him widespread respect.

A graduate of Haverford College, Mr Lutnick began his career at Cantor Fitzgerald in 1983, rising through the ranks to become CEO in 1991.

Under his leadership, the firm expanded its reach globally, pioneering electronic trading and other innovations that transformed the financial industry.

His experience navigating complex markets and forging international partnerships is expected to play a key role in his new position.

As secretary of commerce, Mr Lutnick will oversee the nation’s trade policies, promote economic growth, and strengthen America’s industrial and technological base.

The appointment signals Mr Trump’s focus on assembling a cabinet with significant business acumen as he prepares to take office.

Mr Lutnick’s nomination will require Senate confirmation, with hearings expected to highlight his experience and vision for the role.