Billionaire Howard Lutnick Unveils Surprise Strategy That Could Reshape Wall Street — Key Takeaways

Commerce Secretary Howard Lutnick is at the center of several headline-grabbing moves that are reshaping U.S. trade, immigration and real-estate policy, thrusting him into the spotlight as one of the most influential— and controversial—figures in the Trump administration. In Washington, Lutnick this week unveiled a “Gold Card” visa that allows foreign investors who commit at least $1 million—and pay a new $100,000 filing fee—to fast-track permanent residency, replacing the EB-1 and EB-2 programs. Supporters argue the scheme will pump billions into the U.S. economy, while critics say it sells citizenship to the highest bidder. Lutnick defended the plan in a conference call with reporters, insisting it “rewards job creators” and helps America “win the global talent war.” On trade, the secretary is also leading an interagency review that could expand tariffs on Chinese steel, auto parts and micro-electronics. Industry groups warn that widening the Section 232 and 301 levies would raise costs for manufacturers, but Lutnick counters that tougher measures are needed to “rebalance” supply chains and reduce the record $26.5 trillion net foreign ownership of U.S. assets he frequently cites. Beyond policy, Lutnick faces scrutiny over his personal real-estate dealings. The New York Times reported that residents of Manhattan’s storied Pierre Hotel, where Lutnick owns a lavish penthouse, fear a “secret plan” to convert apartments into luxury condominiums, potentially displacing long-time tenants. Lutnick’s representatives deny any intention to evict residents, calling the allegations “baseless conspiracy theories,” yet homeowner boards have retained counsel as tensions rise. Critics also point to allegations that Lutnick leverages government power to pressure private companies for revenue concessions—claims detailed in earlier investigative pieces that cite unusual agency tactics ranging from accelerated audits to public naming-and-shaming campaigns. At a recent Axios forum, Lutnick brushed off the accusations, saying “tough conversations” are necessary to secure better deals for American workers. Market reaction has been mixed. Wall Street initially welcomed the prospect of fresh foreign capital via the Gold Card, but auto and electronics stocks slipped on fears of broader tariffs. Immigration lawyers report a surge of inquiries from overseas entrepreneurs, while manufacturing lobbies intensify efforts to blunt the trade review’s most punitive options. Lutnick’s influence is heightened by his close rapport with President Trump, who has publicly credited the secretary for “thinking like a CEO, not a bureaucrat.” Supporters applaud his data-driven approach, noting his background at Cantor Fitzgerald and reputation for rapid execution. Opponents counter that the pace leaves little room for oversight and risks entrenching pay-to-play governance. As Congress prepares for fall hearings on immigration and trade, Howard Lutnick’s sweeping initiatives—and the controversies that follow him from Capitol Hill to Fifth Avenue—are likely to dominate the national conversation. Whether the Gold Card visa becomes a magnet for investment or a lightning rod for inequality, and whether expanded tariffs spur domestic production or spark retaliation abroad, one certainty remains: Commerce Secretary Howard Lutnick is setting an aggressive agenda that will reverberate across the U.S. economy in the months ahead.