U.S. President-elect Donald Trump has appointed Howard Lutnick, co-chair of his transition team and CEO of Cantor Fitzgerald, as the new Commerce Secretary.

Lutnick will direct the country's tariff and trade policies, including the Office of the United States Trade Representative.

Trump's administration plans to adopt a stringent approach to international trade, potentially imposing a 60 percent tariff on Chinese goods and a 10 percent tariff on other imports.

Lutnick, a strong Trump ally, was previously considered for the Treasury Secretary role but will instead lead the Commerce Department, pivotal in fortifying American industry and reducing reliance on Asian markets, particularly in the semiconductor sector.

This move signals a continuation and possible intensification of the export controls initiated by the Biden administration.

Lutnick has criticized China for economic practices detrimental to the U.S., including the source of fentanyl contributing to opioid overdoses.

Notably, Lutnick is a crypto advocate, gaining support from figures like Elon Musk and Robert F. Kennedy Jr. for his Treasury Secretary candidacy.

As a 9/11 survivor, Lutnick leads various financial organizations, including BGC Group and Newmark Group.

He is actively involved in staffing Trump's incoming administration.