President-elect Trump chose billionaire Howard Lutnick to serve as Commerce secretary and lead the push for a sweeping program of tariffs.
Why it matters: The Commerce Department will have a key role in implementing Trump's trade agenda — and Lutnick has been a vocal supporter.
Lutnick, co-chair of Trump's transition, was hoping to become Treasury secretary, but Trump recently soured on the finalists and is now considering other options, transition sources tell Axios.
Zoom in: Lutnick is the chairman and chief executive of Cantor Fitzgerald, an investment firm he joined after graduating college in the 1980s.
Lutnick became one of the most prominent business voices in the aftermath of the September 11 attacks.
Cantor Fitzgerald's offices were in the World Trade Center's North Tower, and hundreds of the firm's employees, including Lutnick's brother, died as a result of the attack.
Lutnick holds an annual fundraiser on 9/11 — often attended by athletes and celebrities — to raise money for charities around the world.
The big picture: Lutnick told the Wall Street Journal this month that he had to hire hundreds of employees after much of his staff died on 9/11 — an experience he said qualifies him to help staff the incoming administration.
Lutnick has donated millions to each of the former president's campaigns, though he has taken on a more formal role this go-around.
Lutnick has been a full-throated supporter of Trump's economic agenda, including plans for widespread tariffs that rattled corporate America.
But he also acknowledged, in a CNBC interview last month, that tariffs would cause some prices to rise.
Between the lines: Before the Commerce nod, Lutnick made a late push for the Treasury role and garnered the support of influential allies like Elon Musk.
The Wall Street Journal reported that Trump grew irritated with how hard Lutnick and fellow contender Scott Bessent were jockeying for the job.
Though Treasury has an influential voice, Lutnick's Commerce role will ultimately give him more direct control of the tariff agenda.
The intrigue: Lutnick will have to disentangle himself from the day-to-day operations of Cantor Fitzgerald and a slew of other ventures.
That includes his role leading investment firm BGC Group and real estate brokerage Newmark Group.
Go deeper: Trump administration 2.0: Tracking his Cabinet, White House picks
Editor's note: This story has been updated with confirmation of Lutnick's appointment.
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