Lutnick, the CEO of Cantor Fitzgerald, had been widely rumored as a contender for the more prestigious post of treasury secretary, but appeared to have lost momentum in recent days to hedge fund manager Scott Bessent.

The 63-year-old’s pending nomination was first reported by Punchbowl News.

As commerce secretary, Lutnick will be one of the key figures responsible for enacting Trump’s planned tariffs on imported goods.The bitter rivalry for the coveted treasury secretary job saw different factions of Trump allies pushing for their chosen candidate.

SpaceX and Tesla boss Elon Musk had come out in favor of Lutnick over the weekend, saying he “will actually enact change,” while Bessent would be a “business-as-usual choice.

“Lutnick, when he was out on the campaign trail with the 45th president, often touted his resilience in business, and spoke about the tragedy of losing more than 650 employees — including his younger brother, Gary — in the Sept. 11, 2001 terror attacks.

Although it’s unclear how much say Lutnick has been having in individual picks for Trump’s cabinet, there have been signs that he is not fully in control of the process.

Lutnick previously told CNN that Robert F. Kennedy Jr. would not serve in Trump’s cabinet, only to have Trump choose him as Health and Human Services secretary last week.

The Trump team did not respond to an inquiry from The Post.

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