President-elect Donald Trump is expected to choose billionaire businessman Howard Lutnick to lead the Commerce Department.

The selection would mean that Lutnick would not become Treasury secretary, and that jockeying would continue for the role.

Trump made the choice on Tuesday, a source familiar with the discussions told the Washington Examiner. Lutnick, 63, would succeed Commerce Secretary Gina Raimondo, who has served in the position since just after President Joe Biden entered office back in 2021.

As Commerce secretary, Lutnick would oversee the implementation of Trump’s tariff agenda, and would be responsible both for implementing the duties on imports and for determining which exceptions should be made. While many on Wall Street are skeptical about the use of tariffs, Lutnick has been a vocal supporter of Trump’s agenda.

Prediction markets and reporting had indicated that former Small Business Administration Administrator Linda McMahon was the leading candidate for the Commerce role.

Lutnick is the chairman and CEO of financial services giant Cantor Fitzgerald. He currently serves as co-chairman of the presidential transition team. Lutnick joined Cantor Fitzgerald right after college and quickly rose through the ranks, becoming president and CEO of the firm in 1991. He was named chairman of the board just five years later.

He is a close personal adviser to Trump and spoke at the president-elect’s Madison Square Garden rally in New York.

Lutnick had reportedly been gunning for the role of Treasury Secretary, a position he made a last-minute bid for. The fight for the prestigious cabinet position has widened in recent days.

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Originally, it appeared that Lutnick and hedge fund manager Scott Bessent were the two most likely choices for the job, but now the field has been widened to include former Federal Reserve governor Kevin Warsh and Marc Rowan of Apollo Global Management.

Prediction markets indicate Warsh, who served at the Fed from 2006 to 2011, has the edge. Warsh has also reportedly been on the short list to replace Fed Chairman Jerome Powell, who was first nominated by Trump but later renominated by Biden.