President-elect Trump is expected to nominate Howard Lutnick to serve as Commerce secretary, a source familiar told The Hill.

Lutnick is the chair and CEO of Cantor Fitzgerald and is also currently serving as co-chair of the Trump transition. He has notably publicly embraced Trump’s tariff plans, which will be a major part of the job leading Commerce.

Trump made the pick official in an announcement on Tuesday afternoon, saying Lutnick would “lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative.”

The CEO was considered a front-runner for the role, along with Scott Bessent, who served as an economic adviser on the Trump campaign.

Lutnick also beat out Linda McMahon for the role leading Commerce. A co-chair of Trump’s transition team, she was considered a front-runner and previously led the Small Business Administration during his first term.

Trump expanded his search for a Treasury leader as the jockeying over who will fill the key economic role recently spilled into public view. Billionaire tech mogul Elon Musk threw his support behind Lutnick over Bessent this weekend.

Lutnick is a longtime friend of Trump and a prominent supporter of cryptocurrencies. He oversaw Cantor Fitzgerald’s response to 9/11, when more than 600 of its employees were killed at the World Trade Center.

Updated 2:29 p.m.