“Let them compete, but they must cease leveraging our own instruments to challenge us,” declared Howard Lutnick, the billionaire financier and Trump’s Commerce Secretary nominee, during his Senate confirmation hearing on Wednesday.
Lutnick, a staunch Trump confidant and CEO of Cantor Fitzgerald, signaled his endorsement of across-the-board tariffs, targeting entire nations rather than specific commodities. He asserted that such measures could restore balance,
enforce fair trade practices, and command global respect.
His testimony unfolded as Trump ramps up threats of sweeping trade levies, with potential tariffs on key economic allies like Canada and Mexico looming this weekend. According to Lutnick, the February 1 deadline for a 25% tariff
implementation is primarily intended to pressure both neighboring nations into tightening their efforts against illicit migration and the influx of lethal fentanyl into the U.S.
The nominee emphasized that duties levied on China and other adversarial economies should be significantly steeper than those imposed on friendly trade partners.
Lutnick further signaled an uncompromising posture on export regulations, particularly in light of recent developments surrounding DeepSeek—a Chinese AI breakthrough that threatens to upend America’s technological supremacy in
artificial intelligence.
“Competition is welcome, but the appropriation of our technological arsenal to fuel their ascent is intolerable,” he remarked, underlining his resolve to fortify U.S. defenses in the high-stakes AI race.
Should his nomination receive Senate approval, Lutnick would spearhead the Commerce Department’s oversight of export restrictions on sensitive innovations, ensuring that militarily significant U.S. technology does not fall into the
hands of geopolitical rivals.
“Without the backing of tariffs, our export control system resembles a never-ending game of whack-a-mole,” he asserted, adding that he remains highly skeptical of DeepSeek’s compliance with international trade regulations and
vowing to tighten enforcement mechanisms.
On the CHIPS and Science Act, a pivotal piece of legislation enacted under former President Joe Biden to reinvigorate America’s semiconductor industry, Lutnick described current investments as “an important downpayment” but insisted
that a strategic reassessment is imperative to ensure optimal long-term benefits.
During his introduction, Vice President JD Vance lauded Lutnick as a capable architect of economic rejuvenation, asserting that he would help reinvigorate confidence in American enterprise and restore the nation’s commercial momentum.
Lutnick, a co-chair of Trump’s 2024 transition team, has been a vocal critic of electric vehicles, a fierce opponent of China’s role in fentanyl trafficking, and an outspoken advocate for revitalizing domestic manufacturing.
His stance remained resolute as he testified before the Senate Commerce, Science, and Transportation Committee, proclaiming:
“Tariffs will serve as an economic beacon, compelling industries to reshore their production and rebuild America’s industrial base.”
Under President Biden, the Commerce Department aggressively expanded export limitations on critical sectors, including quantum computing and semiconductor fabrication tools, in a bid to curb China’s access to cutting-edge technology.
If Trump reclaims office, these measures could be further escalated, cementing an even tougher stance against Beijing.
AFP
