No.
[Member Brief] The First 100 Days: Reshaping a Modern Commerce Department on the World Stage
20.3.2025
Number 00
[Member Brief] The First 100 Days: Reshaping a Modern Commerce Department on the World Stage
March 20, 2025
The London Brief is a series from Future Commerce covering commerce and culture
of the United Kingdom’s capitol city.

As the ‘face of the Trump Tariffs,’ Commerce Secretary Howard Lutnick has had a tumultuous and ambitious first month in office. But there have been other ambitious efforts that have framed the first 30 days of Cantor Fitzgerald’s former chief executive that might hint at his larger agenda: from the proposed takeover of the USPS to the reshaping of the Broadband Equity, Access, and Deployment (BEAD) program, there are larger, longer-term plans that show a sense of urgency, scale, and ambition that prove Commerce is out to distance itself from Treasury. 

In this exclusive Future Commerce Plus member brief, we’re documenting the First 100 Days of the Trump Administration’s Commerce Department, the fallout from the back-and-forth of tariffs, and how Lutnick’s PR campaign is being received while he gets to work in the biggest role in Commerce.

April 2025: The Tariff Plan 

April marked the culmination of Lutnick's ambitious trade policy agenda with Trump's dramatic "Liberation Day" announcement. The commerce landscape transformed through a three-tiered approach to import duties: baseline 10% tariffs across all imports, reciprocal tariffs mirroring foreign duties (at discounted rates like China's 67% reduced to 34%), and targeted country-specific measures against trade surplus nations.

“Armies of millions of human beings screwing in little screws,” is a quote taken out of context by Lutnick on Face the Nation

April 6, 2025

Rhetoric heated up over the weekend as investors braced for “Black Monday” in the global stock markets. Bill Ackman and others accused Commerce Secretary Lutnick of impropriety on X/Twitter while he took to the Sunday programs defending the actions of the administration. 

Pictured: an X post spoofing the out of context Lutnick quote about “millions of human beings screwing in little screws.” 

April 5, 2025

  • SNL spoofed the Rose Garden event where Howard Lutnick (played by Andrew Dismukes) appeared, first handing President Trump (played by James Austin Johnson) a Cheesecake Factory menu. “Tariffs will Make America Great Depression Again” [MAGDA] joked Johnson. SNL alum Mike Meyers appeared as Elon Musk, denouncing tariffs.

April 2, 2025

On April 2, 2025, President Donald Trump officially announced a series of reciprocal tariffs during a Rose Garden event at the White House, marking what he referred to as "Liberation Day" for American trade. The announcement included:

  1. Reciprocal Tariffs:
    • Trump introduced tariffs designed to match or partially mirror the duties imposed by other nations on U.S. exports. For example:
      • China imposes a 67% tariff on U.S. goods, and the U.S. will now charge a discounted reciprocal tariff of 34%.
    • These tariffs were framed as a way to address unfair trade practices and reduce trade deficits.
  2. Baseline Tariff:
    • A 10% across-the-board tariff on all imports was announced, targeting nations deemed to have unfair trade practices.
  3. Country-Specific Tariffs:
    • Higher tariffs were imposed on imports from countries with significant trade surpluses with the U.S., including Canada, Mexico, China, and the European Union.

During the announcement, Commerce Secretary Howard Lutnick played a visible role, presenting data on tariff disparities between the U.S. and other nations. Lutnick highlighted specific figures, such as China's 67% tariff rate against U.S. goods, and explained how the new reciprocal tariffs would level the playing field.

Senior administration officials, including Treasury Secretary Scott Bessent, Trade Advisor Peter Navarro, and Vice President J.D. Vance attended the event. Trump emphasized that these measures were intended to protect American workers and industries while generating revenue for the federal government.

The announcement has already sparked significant reactions globally:

  • Economic Concerns: Economists warn that these tariffs may lead to higher consumer prices and disrupt global supply chains.
  • Market Impact: Stock markets have been volatile anticipating these tariffs, with investors fearing potential retaliatory measures from affected countries.

This marks a pivotal moment in the Trump administration's trade policy, with Howard Lutnick playing a central role in shaping and communicating these initiatives.

As the ‘face of the Trump Tariffs,’ Commerce Secretary Howard Lutnick has had a tumultuous and ambitious first month in office. But there have been other ambitious efforts that have framed the first 30 days of Cantor Fitzgerald’s former chief executive that might hint at his larger agenda: from the proposed takeover of the USPS to the reshaping of the Broadband Equity, Access, and Deployment (BEAD) program, there are larger, longer-term plans that show a sense of urgency, scale, and ambition that prove Commerce is out to distance itself from Treasury. 

In this exclusive Future Commerce Plus member brief, we’re documenting the First 100 Days of the Trump Administration’s Commerce Department, the fallout from the back-and-forth of tariffs, and how Lutnick’s PR campaign is being received while he gets to work in the biggest role in Commerce.

April 2025: The Tariff Plan 

April marked the culmination of Lutnick's ambitious trade policy agenda with Trump's dramatic "Liberation Day" announcement. The commerce landscape transformed through a three-tiered approach to import duties: baseline 10% tariffs across all imports, reciprocal tariffs mirroring foreign duties (at discounted rates like China's 67% reduced to 34%), and targeted country-specific measures against trade surplus nations.

“Armies of millions of human beings screwing in little screws,” is a quote taken out of context by Lutnick on Face the Nation

April 6, 2025

Rhetoric heated up over the weekend as investors braced for “Black Monday” in the global stock markets. Bill Ackman and others accused Commerce Secretary Lutnick of impropriety on X/Twitter while he took to the Sunday programs defending the actions of the administration. 

Pictured: an X post spoofing the out of context Lutnick quote about “millions of human beings screwing in little screws.” 

April 5, 2025

  • SNL spoofed the Rose Garden event where Howard Lutnick (played by Andrew Dismukes) appeared, first handing President Trump (played by James Austin Johnson) a Cheesecake Factory menu. “Tariffs will Make America Great Depression Again” [MAGDA] joked Johnson. SNL alum Mike Meyers appeared as Elon Musk, denouncing tariffs.

April 2, 2025

On April 2, 2025, President Donald Trump officially announced a series of reciprocal tariffs during a Rose Garden event at the White House, marking what he referred to as "Liberation Day" for American trade. The announcement included:

  1. Reciprocal Tariffs:
    • Trump introduced tariffs designed to match or partially mirror the duties imposed by other nations on U.S. exports. For example:
      • China imposes a 67% tariff on U.S. goods, and the U.S. will now charge a discounted reciprocal tariff of 34%.
    • These tariffs were framed as a way to address unfair trade practices and reduce trade deficits.
  2. Baseline Tariff:
    • A 10% across-the-board tariff on all imports was announced, targeting nations deemed to have unfair trade practices.
  3. Country-Specific Tariffs:
    • Higher tariffs were imposed on imports from countries with significant trade surpluses with the U.S., including Canada, Mexico, China, and the European Union.

During the announcement, Commerce Secretary Howard Lutnick played a visible role, presenting data on tariff disparities between the U.S. and other nations. Lutnick highlighted specific figures, such as China's 67% tariff rate against U.S. goods, and explained how the new reciprocal tariffs would level the playing field.

Senior administration officials, including Treasury Secretary Scott Bessent, Trade Advisor Peter Navarro, and Vice President J.D. Vance attended the event. Trump emphasized that these measures were intended to protect American workers and industries while generating revenue for the federal government.

The announcement has already sparked significant reactions globally:

  • Economic Concerns: Economists warn that these tariffs may lead to higher consumer prices and disrupt global supply chains.
  • Market Impact: Stock markets have been volatile anticipating these tariffs, with investors fearing potential retaliatory measures from affected countries.

This marks a pivotal moment in the Trump administration's trade policy, with Howard Lutnick playing a central role in shaping and communicating these initiatives.

As the ‘face of the Trump Tariffs,’ Commerce Secretary Howard Lutnick has had a tumultuous and ambitious first month in office. But there have been other ambitious efforts that have framed the first 30 days of Cantor Fitzgerald’s former chief executive that might hint at his larger agenda: from the proposed takeover of the USPS to the reshaping of the Broadband Equity, Access, and Deployment (BEAD) program, there are larger, longer-term plans that show a sense of urgency, scale, and ambition that prove Commerce is out to distance itself from Treasury. 

In this exclusive Future Commerce Plus member brief, we’re documenting the First 100 Days of the Trump Administration’s Commerce Department, the fallout from the back-and-forth of tariffs, and how Lutnick’s PR campaign is being received while he gets to work in the biggest role in Commerce.

April 2025: The Tariff Plan 

April marked the culmination of Lutnick's ambitious trade policy agenda with Trump's dramatic "Liberation Day" announcement. The commerce landscape transformed through a three-tiered approach to import duties: baseline 10% tariffs across all imports, reciprocal tariffs mirroring foreign duties (at discounted rates like China's 67% reduced to 34%), and targeted country-specific measures against trade surplus nations.

“Armies of millions of human beings screwing in little screws,” is a quote taken out of context by Lutnick on Face the Nation

April 6, 2025

Rhetoric heated up over the weekend as investors braced for “Black Monday” in the global stock markets. Bill Ackman and others accused Commerce Secretary Lutnick of impropriety on X/Twitter while he took to the Sunday programs defending the actions of the administration. 

Pictured: an X post spoofing the out of context Lutnick quote about “millions of human beings screwing in little screws.” 

April 5, 2025

  • SNL spoofed the Rose Garden event where Howard Lutnick (played by Andrew Dismukes) appeared, first handing President Trump (played by James Austin Johnson) a Cheesecake Factory menu. “Tariffs will Make America Great Depression Again” [MAGDA] joked Johnson. SNL alum Mike Meyers appeared as Elon Musk, denouncing tariffs.

April 2, 2025

On April 2, 2025, President Donald Trump officially announced a series of reciprocal tariffs during a Rose Garden event at the White House, marking what he referred to as "Liberation Day" for American trade. The announcement included:

  1. Reciprocal Tariffs:
    • Trump introduced tariffs designed to match or partially mirror the duties imposed by other nations on U.S. exports. For example:
      • China imposes a 67% tariff on U.S. goods, and the U.S. will now charge a discounted reciprocal tariff of 34%.
    • These tariffs were framed as a way to address unfair trade practices and reduce trade deficits.
  2. Baseline Tariff:
    • A 10% across-the-board tariff on all imports was announced, targeting nations deemed to have unfair trade practices.
  3. Country-Specific Tariffs:
    • Higher tariffs were imposed on imports from countries with significant trade surpluses with the U.S., including Canada, Mexico, China, and the European Union.

During the announcement, Commerce Secretary Howard Lutnick played a visible role, presenting data on tariff disparities between the U.S. and other nations. Lutnick highlighted specific figures, such as China's 67% tariff rate against U.S. goods, and explained how the new reciprocal tariffs would level the playing field.

Senior administration officials, including Treasury Secretary Scott Bessent, Trade Advisor Peter Navarro, and Vice President J.D. Vance attended the event. Trump emphasized that these measures were intended to protect American workers and industries while generating revenue for the federal government.

The announcement has already sparked significant reactions globally:

  • Economic Concerns: Economists warn that these tariffs may lead to higher consumer prices and disrupt global supply chains.
  • Market Impact: Stock markets have been volatile anticipating these tariffs, with investors fearing potential retaliatory measures from affected countries.

This marks a pivotal moment in the Trump administration's trade policy, with Howard Lutnick playing a central role in shaping and communicating these initiatives.

As the ‘face of the Trump Tariffs,’ Commerce Secretary Howard Lutnick has had a tumultuous and ambitious first month in office. But there have been other ambitious efforts that have framed the first 30 days of Cantor Fitzgerald’s former chief executive that might hint at his larger agenda: from the proposed takeover of the USPS to the reshaping of the Broadband Equity, Access, and Deployment (BEAD) program, there are larger, longer-term plans that show a sense of urgency, scale, and ambition that prove Commerce is out to distance itself from Treasury. 

In this exclusive Future Commerce Plus member brief, we’re documenting the First 100 Days of the Trump Administration’s Commerce Department, the fallout from the back-and-forth of tariffs, and how Lutnick’s PR campaign is being received while he gets to work in the biggest role in Commerce.

April 2025: The Tariff Plan 

April marked the culmination of Lutnick's ambitious trade policy agenda with Trump's dramatic "Liberation Day" announcement. The commerce landscape transformed through a three-tiered approach to import duties: baseline 10% tariffs across all imports, reciprocal tariffs mirroring foreign duties (at discounted rates like China's 67% reduced to 34%), and targeted country-specific measures against trade surplus nations.

“Armies of millions of human beings screwing in little screws,” is a quote taken out of context by Lutnick on Face the Nation

April 6, 2025

Rhetoric heated up over the weekend as investors braced for “Black Monday” in the global stock markets. Bill Ackman and others accused Commerce Secretary Lutnick of impropriety on X/Twitter while he took to the Sunday programs defending the actions of the administration. 

Pictured: an X post spoofing the out of context Lutnick quote about “millions of human beings screwing in little screws.” 

April 5, 2025

  • SNL spoofed the Rose Garden event where Howard Lutnick (played by Andrew Dismukes) appeared, first handing President Trump (played by James Austin Johnson) a Cheesecake Factory menu. “Tariffs will Make America Great Depression Again” [MAGDA] joked Johnson. SNL alum Mike Meyers appeared as Elon Musk, denouncing tariffs.

April 2, 2025

On April 2, 2025, President Donald Trump officially announced a series of reciprocal tariffs during a Rose Garden event at the White House, marking what he referred to as "Liberation Day" for American trade. The announcement included:

  1. Reciprocal Tariffs:
    • Trump introduced tariffs designed to match or partially mirror the duties imposed by other nations on U.S. exports. For example:
      • China imposes a 67% tariff on U.S. goods, and the U.S. will now charge a discounted reciprocal tariff of 34%.
    • These tariffs were framed as a way to address unfair trade practices and reduce trade deficits.
  2. Baseline Tariff:
    • A 10% across-the-board tariff on all imports was announced, targeting nations deemed to have unfair trade practices.
  3. Country-Specific Tariffs:
    • Higher tariffs were imposed on imports from countries with significant trade surpluses with the U.S., including Canada, Mexico, China, and the European Union.

During the announcement, Commerce Secretary Howard Lutnick played a visible role, presenting data on tariff disparities between the U.S. and other nations. Lutnick highlighted specific figures, such as China's 67% tariff rate against U.S. goods, and explained how the new reciprocal tariffs would level the playing field.

Senior administration officials, including Treasury Secretary Scott Bessent, Trade Advisor Peter Navarro, and Vice President J.D. Vance attended the event. Trump emphasized that these measures were intended to protect American workers and industries while generating revenue for the federal government.

The announcement has already sparked significant reactions globally:

  • Economic Concerns: Economists warn that these tariffs may lead to higher consumer prices and disrupt global supply chains.
  • Market Impact: Stock markets have been volatile anticipating these tariffs, with investors fearing potential retaliatory measures from affected countries.

This marks a pivotal moment in the Trump administration's trade policy, with Howard Lutnick playing a central role in shaping and communicating these initiatives.

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April 1, 2025

March 2025: Policy Implementation and Public Engagement

March transformed Lutnick into "the face of Trump's tariff whiplash" as he navigated the complex implementation of sweeping trade policies.

His public appearances oscillated between defiant defense of protectionist measures and surprise concessions of "wiggle room" for Canada and Mexico. Meanwhile, he orchestrated significant internal restructuring, dismantling Biden-era broadband initiatives while weathering criticism from multiple fronts—from economic experts questioning his grasp of tariff implications to media outlets documenting his performative stumbles.

March 28, 2025

CHIPS Act Controversy: Lutnick signaled he might delay promised Chips Act grants to semiconductor companies unless they significantly expand their U.S. investments. He reportedly wants firms to emulate Taiwan Semiconductor Manufacturing Co.’s (TSMC) recent $100 billion U.S. investment commitment. This move has raised concerns among industry leaders and lawmakers.

March 2025: Policy Implementation and Public Engagement

March transformed Lutnick into "the face of Trump's tariff whiplash" as he navigated the complex implementation of sweeping trade policies.

His public appearances oscillated between defiant defense of protectionist measures and surprise concessions of "wiggle room" for Canada and Mexico. Meanwhile, he orchestrated significant internal restructuring, dismantling Biden-era broadband initiatives while weathering criticism from multiple fronts—from economic experts questioning his grasp of tariff implications to media outlets documenting his performative stumbles.

CLC Investigation Request Headline
Pictured: the CLC letter requesting an official investigation into Commerce Secretary Howard Lutnick

March 22, 2025

March 21, 2025

  • Representative Gerry Connolly called for an investigation into Lutnick's comments about Tesla stock. Connolly argued that Lutnick’s endorsement could violate government ethics rules.
  • According to reports, Wall Street executives privately urged President Trump to limit Lutnick’s media appearances, claiming his statements were damaging the administration’s economic credibility. Executives criticized Lutnick for announcing policies prematurely and appearing to lack understanding of tariffs and monetary policy.

March 20, 2025

  • ALL-IN podcast co-hosts Chamath Palihapitiyha and David Friedberg interviewed Secretary Lutnick in a one hour forty-four minute-long conversation that covered a wide range of topics: from DOGE to tariffs, from the new sovereign wealth fund to AI, and how his family reacted to his new role (including his succession plan). 

March 19, 2025

  • Lutnick met with business and trade representatives to discuss the administration's trade policies. He expressed the Trump Administration's desire for future agreements to lower barriers for U.S. exports.

March 18, 2025

Headline from Evan Feinman as quoted on Bluesky

March 17, 2025

  • O'Dwyer's PR published an article titled "Howard Lutnick: A Media Flop?" citing criticism from The Wall Street Journal about Lutnick's public handling of economic policy.
    • The article highlighted concerns about his statements suggesting that U.S.-imposed tariffs would make imported goods more expensive while making American products cheaper—an assertion widely criticized by economists.
    • Dollar General CEO Todd Vasos warned that low-income consumers were already feeling the effects of rising prices due to tariffs mere days after announcing the closure of 141 stores.

March 16, 2025

  • Prepared departmental responses to mounting criticism over tariff implementation from domestic businesses and foreign governments.
  • Coordinated with White House officials to refine messaging strategies around trade policy.

March 14, 2025

Lutnick on Bloomberg Surveillance, March 13, 2025

March 13, 2025

  • Appeared on Bloomberg Surveillance to discuss escalating trade tensions with Canada and Europe:
    • Secretary Lutnick accused European Union (EU) leaders and Canadian officials of initiating tit-for-tat tariff hikes.
    • Defended Trump's threat to impose a 200% tariff on wine and champagne from France if European leaders did not agree to "fair trade."

March 12, 2025

Commerce Secretary Howard Lutnick on CBS News 24/7

March 11, 2025

  • Reports emerged that some White House allies blamed Lutnick for "tariff turmoil," citing his tendency to speak publicly about ideas before they were finalized as official policy.
    • His March 9 appearance on Meet the Press was highlighted as an example where he contradicted broader White House messaging about potential short-term economic pain from tariffs.
  • In an interview with CBS News White House Correspondent Nancy Cordes, Lutnick defended Trump's tariff policies as "worth it," even if they led to a recession.

March 10, 2025

  • During a press conference, Canada’s new PM Carney reiterated his position on tariffs, stating Canada would not lift its retaliatory measures until U.S. tariffs were removed entirely.

March 9, 2025

  • Mark Carney won the Liberal Party leadership election in Canada to succeed Justin Trudeau as Prime Minister.
    • In his acceptance speech, Carney supported Trudeau's retaliatory tariffs against U.S. goods and vowed to maintain them until "the Americans show us respect."
Lutnick WSJ Headline Feature
The headlines from March 8th’s WSJ feature of Secretary Lutnick


March 8, 2025

  • The Wall Street Journal published an article titled "The Week Howard Lutnick Became the Face of Trump's Tariff Whiplash"
    • The article criticized Lutnick's public handling of tariff policies and questioned “whether he fully understood their economic implications.”
    • Highlighted tense calls between Lutnick and foreign officials like Ontario Premier Doug Ford regarding tariff impacts that “descended into yelling and swearing.”

March 7, 2025

  • The Department of Commerce published a "Secretary Lutnick This Week" blog post outlining departmental priorities for trade policy and broadband reform.
  • Continued preparations for implementing steel and aluminum tariffs scheduled for March 12.

March 6, 2025

  • President Trump announced a delay in tariffs on USMCA-compliant goods from Mexico and Canada until April 2. This delay affected approximately:
    • 50% of imports from Mexico.
    • 38% of imports from Canada.
  • Canadian officials responded by suspending planned increases in retaliatory tariffs but kept initial tariffs on U.S. goods in place.

March 5, 2025

  • Publicly suggested that Canada and Mexico might receive "wiggle room" on recently implemented tariffs, getting ahead of President Trump.
  • Issued an official statement formalizing changes to the Broadband Equity, Access, and Deployment (BEAD) program under his leadership.
“The Department is ripping out the Biden Administration’s pointless requirements.  It is revamping the [Broadband Equity, Access, and Deployment (BEAD)] program to take a tech-neutral approach that is rigorously driven by outcomes, so states can provide internet access for the lowest cost.” — Secretary Lutnick, March 5, 2025
Secretary Lutnick speaks to reporters in the National Statuary Hall following a joint session of Congress on March 4, 2025. (Joshua Sukoff/Medill News Service)

March 4, 2025

  • Secretary Lutnick accompanied President Trump to a joint session of Congress and spoke with reporters afterward about trade policies.
  • He then worked on finalizing implementation details for tariffs on Canada and Mexico that had been delayed until this date.

March 1–3, 2025

  • Launched a "rigorous review" of the Broadband Equity, Access, and Deployment (BEAD) program, signaling a shift away from Biden-era broadband policies.
  • Began preparing for the rollout of tariffs on steel and aluminum scheduled for March 12.

February 2025: Confirmation and Initial Days

February marked Lutnick's ascension to power with his Senate confirmation as Commerce Secretary, immediately establishing an ambitious, boundary-pushing agenda.

Within days of his swearing-in, he signaled a dramatic expansion of Commerce's traditional purview by floating plans to possibly dissolve USPS leadership and integrate the agency into his department.

This bold opening gambit established Lutnick as a figure determined to reshape not just his department's role, but the very architecture of government commercial oversight.

February 23–28, 2025

  • Lutnick began assembling his leadership team at the Department of Commerce.
  • Focused on implementing Trump's February 2 executive order imposing tariffs on imports from Canada, Mexico, and China.
  • Internally prepared for a comprehensive review of trade programs and regulatory policies.

February 22, 2025

  • Reports emerged that Trump and Lutnick had discussed plans to dissolve USPS leadership and integrate the agency into the Department of Commerce.
  • The USPS Board of Governors held an emergency meeting to prepare legal opposition to any executive order targeting the agency.

February 21, 2025

  • Lutnick was officially sworn in as the 41st U.S. Secretary of Commerce in a ceremony at the White House.
  • President Trump announced that Lutnick would evaluate the U.S. Postal Service (USPS), sparking speculation about a potential USPS restructuring or takeover by the Department of Commerce.

February 19, 2025

  • Lutnick began his first full day as Commerce Secretary.
  • Initiated the process of divesting all business interests within 90 days, as pledged during his confirmation hearing.

February 18, 2025

  • The Senate confirmed Howard Lutnick as Secretary of Commerce in a 51-45 vote.
  • Lutnick stepped down as Chairman and CEO of Cantor Fitzgerald in compliance with his divestiture commitments.