In the first year of President Donald J. Trump's second term, Secretary Howard W. Lutnick has led significant changes at the Department of Commerce. The department reported that 20 major trade agreements were reached, resulting in more than $9.94 trillion in investment commitments to the United States.
President Trump and Secretary Lutnick have emphasized rebalancing trade and strengthening the American industrial base by using tariff protection and investment agreements. The Department of Commerce also announced a reduction in its operational costs from $10 billion to $8.3 billion, along with a decrease in staff from 52,000 to 40,000 employees.
Over the past year, the department collected $76.4 billion through tariff fines. Under Secretary Lutnick's direction, the Trump Gold Card Program was developed to reform U.S. immigration policy by allowing entry for individuals considered able to advance national interests.
A focus on semiconductor industry growth resulted in 14 new deals that doubled total announced U.S. investments from $279 billion to $555 billion. These negotiations reportedly secured an additional $20 billion benefit for taxpayers and created equity valued at $22 billion in Intel without allocating further award funds.
Secretary Lutnick stated that these actions reflect efforts to secure America's economic position while managing government resources more efficiently.
