Here’s one bet that never loses: someone in Trump’s circle is making money.
Trump Secretary Silent as Sons Poised to Make Bank From End of Tariffs
The Supreme Court ruling has helped the family of one man in particular: the architect behind Trump’s tariffs.
By Hafiz Rashid, The New Republic
The Supreme Court decision striking down Donald Trump’s many tariffs may prove to be a windfall for the family of Commerce Secretary Howard Lutnick, a key architect of Trump’s signature economic policy.
In July, Wired reported (below) that Cantor Fitzgerald, which Lutnick chaired until he was appointed to Trump’s Cabinet, was allowing its traders to purchase the rights to hundreds of millions of dollars of refunds in the event the tariffs were struck down in court. The firm now happens to be headed by Lutnick’s sons Kyle and Brandon.
WIRED, in Jul 21, 2025:
Trump’s Commerce Secretary Loves Tariffs. His Former Investment Bank Is Taking Bets Against Them
A subsidiary of Cantor Fitzgerald, which is run by the sons of US commerce secretary Howard Lutnick, is letting clients essentially bet that President Donald Trump’s tariffs will be struck down in court.
Cantor Fitzgerald, a financial services company led by the sons of US commerce secretary Howard Lutnick, is creating a way for investors to bet that President Donald Trump’s signature tariffs will be struck down in court. Traders at the firm’s investment banking subsidiary, Cantor Fitzgerald & Co., say they have the capacity to buy the rights to hundreds of millions of dollars in potential refunds from companies who have paid Trump’s tariffs, according to documents viewed by WIRED.
