Yesterday afternoon, President Donald Trump announced an overwhelming roll-out of new tariffs, some placed on key U.S. trading partners, in what he claimed was a “liberation day” for the United States.
At a speech at the White House’s Rose Garden, Trump said that other nations had taken advantage of American consumers, saying, “our country has been looted, pillaged, raped and plundered.” Sitting in the front row was Haverford alum and U.S. Secretary of Commerce, Howard Lutnick ’83, cheering as Trump denounced decades-old relations with ally nations across the world.
In the twenty-four hours since the speech, stock markets on Wall Street have dropped; the S&P 500 was down 4.2% by mid-afternoon Thursday, and The Dow Jones Industrial Average fell by 1,394 points. The current shock to the stock market is the worst since the COVID-19 pandemic, when trading ports shut down and most workers were confined to their homes. But Trump remains strong-willed regarding his tariff decision, having declared a state of national emergency alongside the massive tariff roll-outs.
Lutnick remains an ever-present figure on Haverford’s campus, with the college’s main library named after him. And now, armed with his new-found political authority granted by President Trump, Lutnick is becoming a household name across the United States.
In a recent interview with CNBC, Lutnick praised Trump’s efforts. In reference to the tariffs, he stated that he “expect[s] most countries to start to really examine their trade policy towards the United States of America, and stop picking on us.” Lutnick added that discussions were ongoing between nations targeted by the tariffs and the White House, hinting that a resolution was possible if the nations targeted make certain concessions or changes to their trade policies.
Lutnick graduated from Haverford college with a degree in economics, and went on to work on Wall Street shortly after. Over the years, he’s donated over $65 million to the college, making him the largest single-donor in its history.
He has also become a Trump-favorite in recent months.
Trump previously threatened to merge the costly United States Postal Service (USPS), which has run independently from the White House since 1970, with the Commerce Department and place it under Lutnick’s supervision. Trump has also praised Lutnick as “one of the most experienced and talented business leaders of our time” and a “patriot who loves our country.”
On March 21, Lutnick was accused of breaking federal law by government ethics experts after telling members of the press to “Buy Tesla.” Some claimed that such an endorsement was a violation of the 1989 law which prohibits federal employees from endorsing products and utilizing “public office for private gain.” However, it does not appear that Lutnick will face any charges or reprimand for the action.
POLITICO has previously reported that tension have risen between Lutnick and other cabinet members of Trump’s White House amidst the rising trade war. One source, who spoke on the condition of anonymity, stated that they “don’t know anyone that isn’t pissed off at him.”
It is unclear in the long run how much power Lutnick will hold, even as his grandiose praises for tariffs continue in line with Trump’s core messaging.
