In a White House ceremony on Friday, Howard Lutnick was officially sworn in as the new Secretary of Commerce by Vice President JD Vance. President Trump emphasized Lutnick's business acumen and highlighted job growth as a key focus of his new role. The President also indicated his intention to implement reciprocal tariffs in the near future.

Lutnick, who previously expressed support for Trump's tariff strategies, has advocated for using tariffs to achieve balanced trade relationships. During his January confirmation hearing before the Senate Committee on Commerce, Science and Transportation, he stated that the U.S. could leverage tariffs to ensure reciprocal trade practices. He affirmed his commitment to this approach during the ceremony.

The administration has directed federal agencies to conduct a thorough review of existing tariff imbalances with other nations. A report detailing the findings of this investigation is expected by April 1st, as confirmed by Lutnick on February 13th.

Formerly the chair and CEO of Cantor Fitzgerald, Lutnick pledged to divest all his business holdings to preclude any conflicts of interest. He assured lawmakers in January that his sole focus would be serving the American public, and he would sell all his business interests and assets to achieve this goal.

Following his confirmation by the Senate on Tuesday with a 51-45 vote, Lutnick officially assumes his new responsibilities within the Trump administration.