It looks like another key member of Trump’s administration hates his guts and is ready to resign, this time the cuck from Goldman — Gary Cohn.
Apparently, Gary is quite upset over the steel tariffs Trump has proposed and would like all American steel workers to burn in hell, in favor of slave labor in China. The idea, tariffs will increase the price of steel which would make things more expensive for consumers here in the states.
Source: Politico
Gary Cohn, President Donald Trump’s top economic adviser, has been rumored to be on the brink of leaving the White House for months but stayed for one main reason: to stop the president from imposing steep tariffs.
In a meeting with steel industry executives, Trump announced plans for a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports.
The decision came after a frantic 24 hours in which Cohn and others tried to talk Trump off the ledge. At one point, aides were sure Trump would make the announcement. Then they said he wouldn’t. Finally, sitting alongside steel executives, he did.
One person close to Cohn, a former Goldman Sachs executive, said he wouldn’t be surprised if he eventually left the chaotic and deeply exhausting administration as a result of the decision. A second person close to Cohn described it as a brutal blow that violated one of the NEC director’s core beliefs—that protectionism is economically backward and won’t lead to increased prosperity.
“It’s just something he feels very passionate about and he is incredibly good at making the case,” this person said, adding that it still isn’t clear if Trump’s decision would be enough to drive out Cohn.
Larry Kudlow, an outside Trump adviser often mentioned as a potential successor as NEC director, said he would not be surprised if Cohn felt burned by the steel decision. And he sharply criticized the president for Thursday’s announcement.
“All that will happen with steel tariffs is you will raise prices for all import users and that includes businesses and of course consumers,” Kudlow said. “You will wind up hurting millions of people to help 140,000 people in the steel industry. You will be hurting car buyers. Is that really what you want to do?”
There’s no way to know who’s shilling anymore. I tend to believe they’re all playing a game of musical chairs and the American people are the one’s who always end up without a chair. Should Cohn leave, markets will get fucking rocked.
In related news, Trump says trade wars are good and easy to win.
When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!
— Donald J. Trump (@realDonaldTrump) March 2, 2018
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Assuming Canada will get a pass. China has very small % of steel imports.
Cohn is upset because GS, the vampire squid, is positioned on the wrong side of the steel trade and is not going to profit from it. Needless to say, trade wars are stupid; however, in a world flooded with fake money, it really makes not much diff since everything is mispriced anyway.
In my opinion this is strong evidence that Steve Bannon is still in control .
Cohn is clearly a Chinese spy. Arrest him now!
I’d love to hear what Gary thinks America should do to address the trade deficit. Does he have any idea except any retarded platitudes about “investing in the future’?
“MUH STEEL IMPORTS WILL MAKE CARZ MORE EXPENSIVE” – listening to this Goldmanite kvetch about the impact of policies to the little people is the height of comedy.
Trump is negotiating.
From an economic perspective Trump is all over the place. He has some good moves like tax cuts and reducing regulations. But then he ruins it by increasing the debt even further and now imposing tariffs.Why is he so eager to protect the steel industry at the expense of everyone else? It has been proven repeatedly that tariffs protect one specific group and harms everyone else.If I was Cohn I would GTFO.