Wall Street executive and incoming Commerce secretary has emerged as a hawkish protectionist.

Howard William Lutnick assured senators that the American economy will be much, much better. "A particular product’s price may go up, but all of them, this is not inflationary," he asserted.

Howard Lutnick, president Donald Trump’s nominee to lead the Commerce Department, offers a detailed defence of tariffs in his confirmation hearing, the clearest signal yet from a cabinet pick that the new administration is prepared to impose the levies on allies and adversaries alike.