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Highlights
- Howard Lutnick commended Trump’s "America First" approach for boosting economic growth.
- He viewed Trump’s tariff strategy as essential to US economic strength.
- Lutnick considers Bitcoin a valuable asset like gold or oil, aligning with Trump’s policies on self-sufficiency.
Howard Lutnick, the billionaire chief executive of Cantor Fitzgerald, hailed Donald Trump as the best choice for rich America.
He underlined that one of the good sides of a former president is that he took care of the American worker and growth in America, but also him being a crypto advocate and wanting to implement tariffs.
Lutnick Praises Donald Trump’s ‘America First’ for Economic Growth
In a recent podcast with Anthony Pompliano, founder and CEO of Professional Capital Management, Howard Lutnick argued that Donald Trump’s “America first” policy helped attain 3% GDP growth and wage increases during his term.
He added that the tariffs protected American jobs, and the economy built up American manufacturing through Trump.
On the opposing side, Lutnick showed his criticisms of Democratic policies. This includes the American Rescue Plan, which he deemed over-incentivizing the economy, causing inflation, and further hurting the middle to the working class. However, the appreciating assets were enjoyed by the rich.
This 2-hour conversation with @howardlutnick is a must listen.
We discuss the US economy, inflation, currency debasement, government spending, tariffs, the Presidential election, and what Howard endured on 9/11.
I spend much of my time thinking about the economy and how to fix… pic.twitter.com/s8pT7d8GXD
— Anthony Pompliano 🌪 (@APompliano) October 28, 2024
To Lutnick, Trump’s approach to protecting American jobs and sustaining wealth-building opportunities makes him the ideal advocate for both economic stability and wealth growth in the US.
Trump’s Tariff Policy Could Boost Jobs and Wealth
According to Lutnick, Donald Trump’s tariff policy is the new face of safeguarding American prosperity. America, therefore, must maintain its economic strength. The billionaire said that if the government has to tax its people with a considerable amount, for instance, up to $400 billion, which has been the case when a country levies heavily in terms of taxation on its citizens, then this should be levied against the foreign producers, such as those from China.
He said that before an income tax existed in 19th century, the US could thrive when it relied solely upon tariffs. That had allowed way to the gigantic public investment in infrastructure by politicians and figures like Teddy Roosevelt.
This surplus-generated model was how this nation could build without skinning off its citizens. According to him, this shift away from tariffs after the world wars, left the US open to economic exploitation. That happened because tariffs were dropped in favor of income taxes to fund global rebuilding efforts.
Lutnick believes Trump’s plan brings a return to economic nationalism. It does that by using tariffs to force foreign companies to “pay to play” in the American market. It is also restoring an economic strategy that will directly benefit American manufacturing, jobs, and wealth.
Bitcoin as a Commodity, Not a Currency
Unlike a currency that threatens the dollar, Bitcoin is more widely accepted as a commodity in finance.
With him would probably agree the CFTC Chair Rostin Benham who also thinks of Bitcoin as of a commodity. He recently urged Congress to legislate on crypto regulation and election betting.
Lutnick imagines that with more institutional finance acceptance – the acceptance will expand more and more, thus pushing up its value. He also thinks that Trump’s economic policies, like tariffs and the revitalization of manufacturing, align with the ethos of self-sufficiency and financial independence principles. All of this, Bitcoin even furthers by offering a decentralized asset.
Recently, some reports showed that crypto-friendly Donald Trump’s win in the 2024 US presidential election may trigger a Bitcoin price rally to $92K.
The billionaire believes that Trump is open to innovation, and his protection policies for the American worker, combined with Bitcoin being a non-governmental commodity, can potentially raise prosperity throughout the US.
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