Title Title
Larry_Kudlow_16672807371 Establishment economics survives with Larry Kudlow in White House
Summary Summary
  Tracking President Trump's economic team in light of controversial tariffs, and resignation of Gary Cohn
Highlights Highlights
Content Content
Description   
  <i><span style="font-weight: 400;">Help us report on Trump's economic vision. Contribute using EDIT STORY or offer suggestions via TALK. </span></i>
  <span style="font-weight: 400;">Former investment banker Gary Cohn stepped down as head of the U.S. </span><a href="https://en.wikipedia.org/wiki/National_Economic_Council_(United_States)"><span style="font-weight: 400;">National Economic Council</span></a><span style="font-weight: 400;"> on March 7, ending his tenure as presidential advisor. His resignation came after President Donald J. Trump announced plans to impose steep tariffs on foreign steel and aluminum, </span><a href="https://www.reuters.com/article/us-usa-trump-cohn/after-tariff-fight-loss-trump-economic-adviser-cohn-quits-idUSKCN1GI2ZS"><span style="font-weight: 400;">a policy against which Cohn lobbied fiercely.</span></a>
  <span style="font-weight: 400;">The<a href="https://en.wikipedia.org/wiki/Gary_Cohn_(investment_banker)"> former Goldman Sachs executive</a> was a voice for free-trade policies within a White House that promised protectionism. Most<a href="https://www.bloomberg.com/news/articles/2017-10-19/nafta-collapse-would-hurt-regional-economy-with-mexico-hit-most"> economists</a> support global trade deals, such as NAFTA, which Trump opposes <em>(Bloomberg).</em> The <a href="http://money.cnn.com/2018/03/06/news/companies/dow-stock-futures-gary-cohn/index.html">Dow Jones dropped after Cohn's departure became public</a>, indicating growing fears that a 25 percent tariff on steel and 10 percent on aluminum imports could one day be a reality <em>(CNNMoney). </em></span>
  <em>(<a href="https://www.wikitribune.com/story/2018/03/01/markets/trump-announces-steep-trade-tariffs-on-steel-and-aluminum/53003/">Read and help report</a> on President Trump's tariffs on steel and aluminum and his protectionist agenda). </em>
  &nbsp;
  <span style="font-weight: 400;">In August 2017, the </span><a href="https://www.ft.com/content/3955bb0a-8367-11e7-a4ce-15b2513cb3ff"><span style="font-weight: 400;"><em>Financial Times</em> reported</span></a><span style="font-weight: 400;"> a power struggle between Cohn and former White House advisor Steve Bannon, who promoted a political brand that Bannon labeled as <a href="https://www.reuters.com/article/us-usa-politics-republicans/pence-bannon-appeal-for-conservatives-to-unite-behind-trump-idUSKBN1620FT">“economic nationalism.” </a></span>
  <span style="font-weight: 400;">Cohn joins a line of White House staffers who’ve either quit or were fired within the first year of Trump's presidency. The turnover rate is currently over </span><a href="https://www.brookings.edu/research/why-is-trumps-staff-turnover-higher-than-the-5-most-recent-presidents/"><span style="font-weight: 400;">40 percent according to the Brookings Institute</span></a><span style="font-weight: 400;">, a left-leaning think tank, which exceeds the norm of the previous five administrations.</span>
  <span style="font-weight: 400;">Cohn also joins a group of business leaders who have distanced themselves from an otherwise business-friendly administration. </span><a href="https://www.bloomberg.com/news/articles/2017-08-16/trump-ceo-strategy-council-is-said-to-be-disbanding-after-exodus"><span style="font-weight: 400;">CEOs left en masse</span></a><span style="font-weight: 400;"> from presidential business councils in August 2017 after Trump's controversial response to the Charlottesville protests where a neo-Nazi sympathizer killed a left-wing protester </span><i><span style="font-weight: 400;">(Bloomberg).</span></i>
  <h2>Replaced by CNBC's Kudlow</h2>
  Trump <a href="https://www.reuters.com/article/us-usa-election-pennsylvania/republicans-sound-alarm-as-democrats-claim-pennsylvania-win-idUSKCN1GP0DG">appointed Larry Kudlow</a>, a long-time CNBC pundit, as top economic advisor on March 15. Kudlow is a former economist who largely shares the same free-trade views as Cohn. <a href="https://mobile.reuters.com/video/2018/03/14/trump-picks-cnbcs-kudlow-to-replace-cohn?videoId=408963601&amp;videoChannel=5">Reuters columnist Rob Cox</a> described Kudlow as a "great communicator"
  [caption id="attachment_55706" align="aligncenter" width="620"]<img class="size-medium wp-image-55706" src="https://s3-eu-west-1.amazonaws.com/wikitribune-uploads-master/2018/03/15180653/Larry_Kudlow_16672807371-620x413.jpg" alt="" width="620" height="413" /> Larry Kudlow speaking at the 2015 Conservative Political Action Conference (CPAC) in National Harbor, Maryland. Credit: Gage Skidmore. 26 February 2015[/caption]
  Like Cohn, Kudlow is a critic of Trump's steel and aluminum tariffs. He compared them to <a href="https://www.cnbc.com/2018/03/03/kudlow-mr-president-tariffs-are-really-tax-hikes.html">"tax hikes" in an CNBC op-ed</a>, a pejorative term for the conservative economist.
Larry Kudlow speaking at the 2015 Conservative Political Action Conference (CPAC) in National Harbor, Maryland. <em>(Add more about Kudlow's hiring by going to EDIT STORY). </em>
Credit: Gage Skidmore   
26 February 2015   
  <i><span style="font-weight: 400;">Help us report on Trump's economic vision. Contribute using EDIT STORY or offer suggestions via TALK. </span></i>
Categories Categories
  Politics, United States, Economics
Article type Article type
  developing
Tags Tags
  Economics, tariffs, Trade
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