President Donald Trump’s nominee to lead the Commerce Department, Howard Lutnick, told senators the argument that tariffs cause inflation is "nonsense" during a confirmation hearing.

President Trump's pick to lead the Commerce Department, Howard Lutnick, on Wednesday said he would support imposing blanket tariffs on a country-by-country basis. Why it matters: If confirmed, Lutnick will be at the center of executing Trump's go-to geopolitical tool — but how exactly the administration should do so highlights a divide among its economic officials.

Billionaire businessman Howard Lutnick got a step closer to potentially serving as the next Commerce secretary after largely sailing through his confirmation hearing Wednesday before a U.S. Senate panel.