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The U.S. economy is at a turning point, and big changes are on the horizon. With Donald Trump back in office, his administration is shaking things up – especially in trade and cryptocurrency. The government has announced new tariffs on China, Mexico, and Canada, along with higher taxes on foreign steel and aluminum. At the same time, the SEC has set up a special task force to establish clearer crypto regulations.
But that’s not all. Trump’s latest move – appointing a pro-Bitcoin, pro-tariff businessman as U.S. Commerce Secretary – is making waves.
Let’s dive in.
Howard Lutnick Confirmed as Commerce Secretary
As debates continue over Trump’s economic policies, the Senate has confirmed Howard Lutnick as the new U.S. Commerce Secretary. Lutnick, a strong supporter of both Bitcoin and tariffs, secured the position in a 51-45 vote.
His appointment was widely expected. Back in November 2024, Trump had already stated his intention to nominate Lutnick, a longtime ally and key Republican fundraiser during the 2020 and 2024 presidential elections.
A Reward for Loyalty?
Lutnick played a major role in Trump’s campaign fundraising efforts, leading some to believe that his appointment is more than just about policy—it could also be a reward for his political support.
Before taking office, Lutnick was the chairman and CEO of Cantor Fitzgerald and BGC Group. Following his confirmation, he stepped down from his business roles to comply with government ethics rules.
Lutnick’s Role in Trump’s Economic Plan
As Commerce Secretary, Lutnick will oversee key areas such as economic data collection, census operations, and weather reporting. However, his most important task will be enforcing Trump’s aggressive import tax policies.
Reports suggest that Lutnick was one of the figures who encouraged Trump to push ahead with tariffs. During his confirmation hearing, he strongly defended the strategy, dismissing concerns that it could cause inflation.
— Markwayne Mullin (@SenMullin) February 18, 2025
CONFIRMED: @howardlutnick as Secretary of Commerce. Cabinet #17.
We have 5 cabinet-level confirmations left to go, plus @Kash_Patel (FBI is under DOJ—so not technically cabinet) https://t.co/2u0As9qKn6
U.S.-China Trade War Escalates
The Trump administration has already placed a 10% tariff on Chinese imports. In response, China hit back with a 15% counter-tariff on selected U.S. goods.
Meanwhile, the U.S. had initially announced similar tariffs on Mexico and Canada, but that decision was put on hold until March 4. The government has also raised taxes on foreign steel and aluminum, reinforcing its commitment to protecting American industries.
A Big Win for Bitcoin Supporters?
Lutnick’s pro-Bitcoin stance has excited crypto investors. Speaking at a recent Bitcoin conference, he stated:
“Bitcoin is like gold and should be free trade everywhere. We will do everything in our power to make it so.”
Under his leadership, Cantor Fitzgerald launched a $2 billion Bitcoin financing initiative and expanded its involvement in the crypto sector. The firm also manages Tether’s U.S. Treasury holdings and recently acquired a 5% stake in the stablecoin issuer.
Lutnick’s appointment marks a major shift in U.S. trade and crypto policies. His strong support for tariffs aligns with Trump’s economic strategy, while his Bitcoin-friendly stance has fueled optimism in the crypto space. As he takes office, his decisions could have a lasting impact on both global trade and cryptocurrency regulations. His tenure is set to be one to watch closely.
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