Jewish billionaire Howard Lutnick sits in US President Donald Trump’s inner circle as Commerce Secretary and as an architect of his controversial tariff policy.
Before Trump’s administration, he was CEO and board chair of financial services giant Cantor Fitzgerald.
Trump initially announced, in April, a baseline 10% tariff rate on nearly all imports, with higher rates for certain countries. The announcement spurred widespread market volatility, disrupted supply chains, led to threats of retaliation, and expedited trade renegotiations.
Ever since, Lutnick has been Trump’s “yes” man, touring US news media to sell the administration’s numerous get-rich-quick schemes.
Lutnick argued for the administration that the tariffs would rake in billions, coax US allies to pay their fair share, and pressure adversaries into compliance.
Among Lutnick’s creations was “The Trump Card,” a $5 million buy that grants US citizenship – a golden ticket to the American dream for those already ultra-rich.
The card is advertised atop the Commerce Department’s website, although none have been issued yet.
Lutnick co-chaired Trump’s transition team in 2024 and fundraised for his two latest campaigns. His Senate confirmation was secured by a tight 51-45 vote.
Upon assuming office, Lutnick transferred his Cantor Fitzgerald stake to his children and some investors, and divested from two subsidiaries.
He and his two siblings were raised in Long Island, New York. His father, born to a laundromat owner, was an acclaimed history professor, and his mother was an artist. While Lutnick was a teenager, his mother died from lymphoma. His father died a year later from an accidental overdose of chemotherapy medication.
Lutnick received a scholarship to Haverford College, graduating with an economics degree in 1983, and immediately joined the financial firm. There, he rose quickly, becoming CEO after 10 years, and, in 1996, he became chairman.
September 11 and October 7
Situated on the top floors of the North World Trade Center Tower, 658 of Cantor Fitzgerald’s 960 New York-based employees were killed on September 11, including Lutnick’s younger brother.
Lutnick was central to ensuring the firm’s survival and recovery. He and his sister founded the Cantor Fitzgerald Relief Fund just a few days after the attack, which gave over $180 million to victims’ families and paid for their healthcare for 10 years.
The fund later supported COVID-19 victims, natural disaster victims, October 7 attack victims, and others.
During a 2024 New York United Hatzalah gala, Lutnick compared New York’s September 11 to Israel’s October 7. “None of my people got out,” he recounted. “Israel will rebuild. And it will be stronger... In 15 years, Israel will be the shining star of the world.”
The firm has grown by approximately 12,000 employees globally since 9/11.
Lutnick said in a 2021 interview that the company now hires the children of employees killed on 9/11. Every anniversary, employees waive their day’s pay and the company hosts a fundraiser, which raises millions.
In the interview, he said he told survivors within days of the attack: “Let’s do it to take care of the families of those we lost.”
“These were our friends’ families,” he said. “People don’t give enough credit to… how much they care for the person who sits to their left and to their right.
“You spend more time with the people you work with, often, than your family members.
“We really really cared about the people that we lost.”