A key member of President Donald Trump's Cabinet, with particular oversight of his tariff and trade policies, was finally confirmed by the Senate this week.

Howard Lutnick, the wealthy former CEO of the Cantor Fitzgerald investment firm, was confirmed to be the next head of the Commerce Department in a party line 51-45 vote, the Associated Press reported.

Four senators did not cast votes for the critical nominee, including Republicans Jerry Moran of Kansas and Dan Sullivan of Alaska, along with Democrats Cory Booker of New Jersey and Gary Peters of Michigan.

Lutnick supports Trump's tariff and trade agenda

Fox News reported that Lutnick was a strong supporter of President Trump's re-election campaign, was selected to be a co-chair of the transition team, and was nominated to be the Commerce secretary just two weeks after the election.

"He will lead our Tariff and Trade agenda, with additional direct responsibility for the Office of the United States Trade Representative," Trump said at the time of the nomination, and further said of Lutnick's leadership of the transition that he'd "created the most sophisticated process and system to assist us in creating the greatest Administration America has ever seen."

The AP noted that Lutnick has expressed his firm support for Trump's tough policies on tariffs and trade with adversaries and allies alike, including "reciprocal" tariffs to match trade barriers imposed by other countries, increased tariffs on aluminum and steel, and additional tariffs against China, Canada, and Mexico, the latter two of which have been delayed.

To be sure, some economists decry the imposition of tariffs, even as other nations impose steep tariffs against the U.S., and though they acknowledge that substantial revenues can be raised through tariffs, they also argue that tariffs result in price inflation and that the bulk of those increased taxes on imports are paid by American consumers and not the targeted foreign nations and companies.

Lutnick, however, has dismissed those oppositional arguments as "nonsense," per Fox News, and insisted during his confirmation hearings, "We are treated horribly by the global trading environment. They all have higher tariffs, non-tariff trade barriers, and subsidies. They treat us poorly. We need to be treated better. We can use tariffs to create reciprocity."

Lutnick plans to divest his vast financial holdings

The AP reported that Lutnick's great wealth, which is derived from a vast and diversified portfolio of investments in companies and properties, was a cause of concern for some senators during the confirmation process.

The newly confirmed secretary has vowed to address that situation and divest from his financial holdings or place them under the control of others while serving as the head of the Commerce Department.

"My plan is to only serve the American people," Lutnick told senators, per Fox News. "So I will divest, meaning I will sell all of my interests, all of my business interests, all of my assets, everything."

"I've worked together with the Office of Government Ethics, and we've reached agreement on how to do that, and I will be divesting within 90 days upon my confirmation," he added.

Confirmation vote came two weeks after committee approval

As noted, Lutnick was confirmed to lead the Commerce Department, where he will be a leading figure in implementing President Trump's tariff and trade agenda, by a simple majority of 51-45 in the Republican-controlled Senate.

That vote on the Senate floor came nearly two weeks after the nominee was approved by the Senate Commerce, Science, and Transportation Committee with a 16-12 vote on Feb. 5.