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.

WASHINGTON—Howard Lutnick’s journey from Wall Street veteran to one of President Trump’s most hawkish trade advisers began with a speech at an 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.