Howard Lutnick, chairman and CEO of investment firms Cantor Fitzgerald and BGC Group, told the U.S. Senate Committee on Commerce, Science and Transportation that he would divest “all of my interests, my business interests, all of my assets, everything.”

Secretary of Commerce-designate Howard Lutnick told a Senate committee that the threat of imposing a 25% tariff was to get Canada and Mexico to “respect” the United States and stop the flow of fentanyl into the country.

The U.S. government has stated that Canada and Mexico could still avoid hefty tariffs if they take action to curb fentanyl trafficking at their borders while also committing to slowing China’s advancements in artificial intelligence.

President Trump has threatened to impose tariffs on Canada over drug trafficking, equating it with Mexico. U.S. government reports do not support the claim.

He noted those tariffs were separate from a broad effort by the Commerce Department, the U.S. Trade Representative’s office and the Treasury Department to review trade relations and tariffs by April 1.

Since his re-election in November, Trump has repeatedly said he would hit Canada and others with tariffs of up to 25 per cent. On his first day back in the Oval Office, Trump suggested tariffs on Canadian goods could be coming on Saturday.

Commerce Secretary-designate Howard Lutnick appeared to give Canada (and Mexico) an out on potential tariffs today, suggesting that if action is taken to secure the border and shut the flow of fentanyl across the border,

The billionaire Wall Street CEO fielded questions about tariffs, China's AI progress, broadband access, allegiance to Trump and the revival of American mining and semiconductor production.

This is a collection of photos chosen by AP photo editors.

Howard Lutnick said tariffs are essential for supporting U.S.-based manufacturing and won't trigger inflation while undergoing a Senate confirmation hearing on Wednesday.

Billionaire financier Howard Lutnick, President Donald Trump’s choice to lead the Commerce Department, said Wednesday that he would sell all of his business holdings within 90 days.

Howard Lutnick, Trump's nominee for Commerce Secretary, proposed U.S. tariffs to pressure Canada and Mexico on fentanyl and to limit China's AI advancements. He emphasized restoring trade 'reciprocity' and closing Canada's dairy market.