WASHINGTON—Howard Lutnick’s journey from Wall Street veteran to one of President Trump’s most hawkish trade advisers began with a speech at an October campaign rally at Madison Square Garden. Lutnick extolled the virtues of tariffs and argued that the duties could at least in part replace the U.

Howard Lutnick, President Donald Trump's nominee for Commerce Secretary and CEO of Cantor Fitzgerald, says the firm has no equity in Tether, a controversial crypto firm. But he does say Cantor owns a convertible bond with Tether.