Trump names his tariff man. Here's what he's said and what it means for Canada

This item is part of Watching Washington, a regular dispatch from CBC News correspondents reporting on U.S. politics and developments that affect Canadians. 

Donald Trump now has a point man for his plan to impose punishing trade tariffs. Someone who's publicly shared his views on them. 

Howard Lutnick will now wield influence over an issue with major consequences over the global economy. 

Trump hasn't just nominated the Wall Street executive as his commerce secretary; he's also put Lutnick in charge of his tariff and trade agenda, with an additional role overseeing the Office of U.S. Trade Representative.   

American trading partners will eagerly study Lutnick's views on Trump's plan to slap a minimum fee of 10 per cent on all imports into the United States.

Lutnick's public remarks on this issue might reassure them — to a point. In his telling, Trump doesn't plan to impose tariffs on everything. His message, however, isn't all sunny.

Few countries have as much riding on these details as Canada. Depending on how the tariffs are designed, there are vastly different estimates about how badly they will hurt Canada's economy.

According to different estimates, Trump's tariff plan could cost Canada's economy anywhere from a half-per cent of GDP to a devastating five per cent.

The level of damage depends on the details. Trump offered scant specifics during the campaign about how exactly his tariff plan would work.

Will tariffs apply to every country? To every product from every country? Or only to specific products where the U.S. has a strategic goal of reshoring jobs?

Lutnick has talked about how he'd apply them. In his view, they would serve two purposes. One is surgical, in order to influence specific industries. The other is as a negotiating club.

The United States has lower tariffs than almost any country, including Canada. Lutnick says this threat will force other countries to sit down with the U.S., and drop their trade barriers.

"Of course it's a bargaining chip," the CEO of the financial services giant Cantor Fitzgerald told CNBC during the campaign, during which he led Trump's transition team.

"Everybody else is going to negotiate with us."