WASHINGTON—Howard Lutnick’s journey from Wall Street veteran to one of President Trump’s most hawkish trade advisers began with a speech at his October campaign rally at Madison Square Garden. Lutnick extolled the virtues of tariffs and argued that the duties could at least in part replace the U.

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The billionaire Wall Street CEO fielded questions about tariffs, China's AI progress, broadband access, allegiance to Trump and the revival of American mining and semiconductor production.