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Insider knowledge seems to run in his family. Howard Lutnick’s sons, Brandon and Kyle, who are now running Cantor Fitzgerald, reportedly purchased rights to tariff refunds for 20 to 30 cents on the dollar after Liberation Day last year. Now, following the Supreme Court’s decision to strike down the tariffs, for every $100 invested, his sons allegedly generated a 3 to 5 times return.
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Howard Lutnick’s Ex-Firm Rejects Claims It May Profit From Tariff Ruling
Amid online claims Commerce Secretary Howard Lutnick’s sons, Brandon and Kyle Lutnick, senior executives at Cantor Fitzgerald, could benefit from the Supreme Court’s tariff ruling, a firm spokesperson told Newsweek it has “never executed any transactions or taken risk on the legality of tariffs."
The Cantor Fitzgerald spokesperson added, "Any report suggesting otherwise is completely false.”
The firm's response comes as online posts claimed Lutnick's sons would come into money over the court's decision, some claiming the firm made transactions effectively betting on the legality of the tariffs. Many of the posts relied on a July 2025 Wired report that said Cantor Fitzgerald & Co. was exploring trades tied to potential tariff refunds, citing internal documents the outlet said it reviewed.
Wired wrote, "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."
Lawmakers later cited such reporting while inquiring about potential conflicts of interest. Cantor Fitzgerald has said the Wired report is "false."
Why It Matters
The Supreme Court’s Friday decision was focused on tariffs enacted through the International Emergency Economic Powers Act (IEEPA), which has been a core pillar of his economic policy since Trump took office in January 2025. Trump has repeatedly announced, imposed, paused and reinstated a slew of tariffs at varying rates on U.S. trading partners to curb immigration, drug trafficking, and reduce trade deficits.
Trump's use of the 1977 IEEPA to impose tariffs without seeking congressional approval or conducting investigations first has raised legal alarms. The law gives presidents broad power to impose economic sanctions during national emergencies, but Trump is the first president to use it to impose tariffs.
Lutnick previously served as CEO of Cantor Fitzgerald before stepping down to become the Secretary of Commerce. Brandon and Kyle Lutnick now hold senior leadership roles at Cantor Fitzgerald and its parent company following their father’s departure. Brandon Lutnick serves as chairman and Kyle Lutnick is executive vice chairman.
The court did not address whether companies or individuals would receive any refunds for the billions of dollars that they have paid in tariffs over the past year.
What To Know
Despite Lutnick’s outspoken support for tariffs as commerce secretary, Cantor Fitzgerald has drawn scrutiny after the Wired report said it explored deals that would let investors profit if Trump’s tariffs were struck down in court by buying rights to potential tariff refunds from companies that paid the duties.
In a letter reviewed by Wired last year, a Cantor representative reportedly said the firm was willing to trade tariff refund rights for 20 to 30 percent of the duties companies have paid.
“So for a company that paid $10 million, they could expect to receive $2-$3 million in a trade,” the representative wrote, per Wired. “We have the capacity to trade up to several hundred million of these presently and can likely upsize that in the future to meet potential demand.”
https://www.newsweek.com/howard-lutnick-sons-may-make-money-supreme-court-ruling-tariffs-11558345