ieExplains: Who is Howard Lutnick? Trump's pick for Head of Commerce and vocal critic of Ireland
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US President-elect Donald Trump has chosen outspoken billionaire businessman Howard Lutnick, chief executive of global finance house Cantor Fitzgerald, as head of the Commerce Department.
A vocal critic of Ireland's recent budget surplus, the appointment is likely to shine a light on the country's reliance on multinationals as the incoming administration vows to bring business back to the US.
A longtime friend and fundraiser for the President-elect, Lutnick will now be tasked with implementing the hefty tariffs Trump promised throughout the campaign trail, in a bid to lower the US deficit and bring back jobs. In doing so, Ireland will be clear on his radar.
Posting on social media just last month, Lutnick said it was "nonsense that Ireland of all places runs a trade surplus at our expense."
"We don’t make anything here anymore—even great American cars are made in Mexico. When we end this nonsense, America will be a truly great country again. You’ll be shocked!"
But who is the outspoken businessman and how worried should Ireland be about his appointment?
Howard Lutnick is a long-time friend of Donald Trump who has backed the Republican's vision to bring manufacturing jobs back to the US and promote the adoption of cryptocurrency.
During Trump's campaign, Lutnick donated more than $10m (€9.25m) and $500,000 to the transition, and raised a further $75m (€71m).
He is also the long-standing chief executive and chairman of global financial services giant Cantor Fitzgerald, and made a name for himself after rebuilding the firm when it suffered a major loss of lives in the 911 attacks on the World Trade Centre, where the company was headquartered at the time.
Cantor Fitzgerald has a significant presence across Ireland, with offices in Cork, Limerick and Dublin. According to most recent accounts filed to the Company Registrations Office (CRO) the firm's Irish arm employs more than 170 people across the country and in 2023, posted an operating profit of €8m.
The financial provider also holds a lucrative contract with the National Treasury Management Agency (NTMA) to sell Irish Government bonds as primary dealer.
Following Trumps election win earlier this month, Lutnick was appointed as co-chair of the Trump-Vance transition team before being offered the in-demand role of Head of Commerce.
Announcing the appointment this week, Trump posted on online media platform Truth Social: “I am thrilled to announce that Howard Lutnick, Chairman & CEO of Cantor Fitzgerald, will join my Administration as the United States Secretary of Commerce.
"He will lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative."
The US Commerce Department oversees an extensive array of functions, boasting nearly 47,000 employees. In recent years, its trade-related functions have grown in importance, and are only likely to become more significant as part of Trump's commitments to imposing hefty tariffs on China and Europe.
To rebuild the US's domestic manufacturing base, Trump has vowed to enact tariffs of at least 60% on Chinese imports and 10%-20% on goods from elsewhere, actions which economists say would upend global trade flows and raise costs across the board.
Both Trump and Lutnick have hit out at Ireland's reliance on US multinationals, with the President-elect pledging to slash the rate of US corporation tax to Irish levels, incentivise industries to bring production back to the US and impose tariffs which could jeopardise Ireland's inflow of corporate tax receipts.
The pair seem ready to chip away at Ireland’s competitive advantage as part of their 'America First' policy, but tax cuts are not the only tool in the incumbent administration's economic playbook.
With Ireland bound to EU competition law, the State can do very little to counteract Trump’s pitch to big businesses. This gives Trump and his team greater leverage to work more directly with multinationals and offer preferential tax arrangements that other country's cannot match.
In addition, a return to protectionist policies could have a detrimental impact on Irish trade, a key driver of Ireland's economic growth.
Last year, Ireland exported almost €55bn of goods to the US, with 2022 seeing a record €63bn exported. As one of the US's top trading partners, Ireland would be heavily exposed to tariffs, which would make trade less attractive to US buyers.
Addressing Lutnick's appointment as Commerce Secretary, Tánaiste Micheál Martin told the Irish Examiner that the move may mean parties' spending plans have to change.
Speaking on the upcoming general election, Mr Martin said: "It puts all manifestos [in a new light]. All manifestos are predicated on the existing economic assumptions that the Department of Finance has published."
"We have to accept and be open enough and honest enough to say that we will have to adapt our plans if external shocks come our way, and external shocks could come in many forms."