President-elect Donald Trump has chosen Howard Lutnick, head of brokerage and investment bank Cantor Fitzgerald and a cryptocurrency enthusiast, as his nominee for commerce secretary, a position in which he'd have a key role in carrying out Trump's plans to raise and enforce tariffs.

Lutnick is a co-chair of Trump’s transition team, along with Linda McMahon, the former wrestling executive who previously led Trump’s Small Business Administration. Both are tasked with putting forward candidates for key roles in the next administration.

The nomination would put Lutnick in charge of a sprawling Cabinet agency that is involved in funding new computer chip factories, imposing trade restrictions, releasing economic data and monitoring the weather. It is also a position in which connections to CEOs and the wider business community are crucial.

An advocate for imposing wide-ranging tariffs, Lutnick told CNBC in September that “tariffs are an amazing tool for the president to use — we need to protect the American worker." Trump on the campaign trail proposed a 60% tariff on goods from China — and a tariff of up to 20% on everything else the United States imports.

Mainstream economists are generally skeptical of tariffs, considering them a mostly inefficient way for governments to raise money and promote prosperity.

Lutnick had been considered for treasury secretary, a role that has been at the center of high-profile jockeying within the Trump world. At the same time, the treasury position is closely watched in financial circles, where a disruptive nominee could have immediate negative consequences on the stock market, which Trump watches closely.

The news also comes after billionaire Elon Musk and others in Trump’s orbit called on Trump to dump previous front-runner for treasury secretary, Scott Bessent, in favor of Lutnick. Musk said in his post that “Bessent is a business-as-usual choice, whereas @howardlutnick will actually enact change.”

Linda McMahon has been a constant presence in Donald Trump's tumultuous orbit, serving in his first administration and supporting his presidential campaigns. Now he's chosen her to serve as education secretary.

Here's a look at McMahon's background, from business to politics.

McMahon is married to Vince McMahon, whose father was a prominent professional wrestling promoter. They followed him into the business, founding their own company that's now known as World Wrestling Entertainment, or WWE. It became a juggernaut in the industry and American culture.

When Trump was the star of the reality show “The Apprentice,” he made an appearance at Wrestlemania in 2007. The billionaire entertainment mogul participated in an elaborately scripted feud that ended with Trump shaving off Vince McMahon's hair in the middle of the ring.

Linda McMahon stepped down from her position as WWE's chief executive to enter politics. She ran twice for a U.S. Senate seat in Connecticut, but lost in 2010 to Richard Blumenthal and in 2012 to Chris Murphy.

Shifting gears, she focused on providing financial support to candidates. McMahon provided $6 million to help Trump's candidacy after he secured the Republican presidential nomination in 2016.

McMahon served on the Connecticut Board of Education for a year starting in 2009. She told lawmakers at the time that she had a lifelong interest in education and once planned to become a teacher, a goal that fell aside after her marriage.

She also spent years on the board of trustees for Sacred Heart University in Connecticut.

McMahon is seen as a relative unknown in education circles, though she has expressed support for charter schools and school choice.

McMahon is seen as a relative unknown in education circles, though she has expressed support for charter schools and school choice.

A month after defeating Hillary Clinton, Trump chose McMahon as leader of the Small Business Administration. The agency gives loans and disaster relief to companies and entrepreneurs, and it monitors government officials' compliance with contract laws.

When McMahon was chosen, she was praised by Blumenthal and Murphy, the two Connecticut Democrats who defeated her in Senate campaigns. Blumenthal called her “a person of serious accomplishment and ability,” while Murphy said she was a “talented and experienced businessperson.”

Unlike other members of Trump's first administration, McMahon was not shadowed by scandal or controversy. She frequently promoted his trade and tax policies.

“She has been a superstar,” Trump said when she left the administration in 2019. "The fact is, I've known her for a long time. I knew she was good, but I didn't know she was that good."

McMahon didn’t leave Trump’s orbit. She chaired America First Action, a super PAC that backed Trump’s reelection campaign in 2020. He lost to Democrat Joe Biden, and McMahon helped start the America First Policy Institute to continue advocating for Trump's agenda and prepare for a potential return to the White House.

When Trump ran for president this year, McMahon was the co-chair of his transition team along with Howard Lutnick, the chief executive of financial services company Cantor Fitzgerald. As part of that role, McMahon has been helping to plan Trump's new administration.