Thursday, 18 October, 2018

Gary Cohn's A 'Globalist,' But I Still Like Him

Stocks open lower after Trump's economic advisor quits Traders work on the floor of the New York Stock Exchange
Ellis Copeland | 13 March, 2018, 01:46

The reaction of financial markets - in either shrugging off Cohn's departure or plunging in fear - will exert its own influence of what Trump does next.

"I worked in the private sector all my life, so I'm a believer in free markets, but not unbridled free markets", Mr. Liddell said.

But Trump's recent announcement that he plans to slap across-the-board tariffs on imported steel and aluminum, coming on top of tariffs announced in January on Chinese solar panels and South Korean washing machines, have dashed hopes of presidential moderation. The other is Lawrence Kudlow, an economic analyst at CNBC who has criticized those same tariffs. "He may be a globalist, but I still like him".

"The American aluminum and steel industry has been ravaged by aggressive foreign trade practices", Trump declared at a White House ceremony, surrounded by steel and aluminum workers holding white hard hats.

"I have a feeling you'll be back", he added.

Nope. Chinese metal imports to the United States are already heavily restricted. By contrast, the tariff decision is a leadership fiasco that has cost Trump a key ally in Gary Cohn.

Navarro had limited contact with Trump world until early in the campaign, when Kushner was drawn to his book, "Death by China", while researching China policy.

"Peter speaks the same language as Trump does on these issues", said Stephen Moore, a former Trump campaign adviser who is now a visiting fellow at The Heritage Foundation.

"These days the markets trade hundreds of points each way based on what the president tweets and I am surprised that the markets have been as benign as they have been in the wake of this news", said one investor, who declined to be named.

"Thank you, sir", Cohn, who was seated near Trump, replied.

Netanyahu reaches deal with ultra-Orthodox allies to avert early elections
That has infuriated Israel's secular majority, and previous attempts at compromise have been struck down by the Supreme Court. Netanyahu has denied wrongdoing in all of the cases , accusing prosecutors, police and the media of conspiring to oust him.


Rally shows free-wheeling, media-bashing Trump here to stay
Trump also used the speech to double down on executing drug dealers, a solution he said has worked in China and Singapore . Trump ignored their outstretched hand on universal background checks and started talking more about arming teachers.


Karti Chidambaram moves Delhi HC seeking bail
A Delhi court on Monday sent Karti Chidambaram to judicial custody till March 24 in the INX Media case, ANI reported. Karti was arrested on his return from the United Kingdom in connection with the FIR lodged on May 15 a year ago .


Being forced to rule on the Trump tariffs "would put the WTO in a tough spot", DeBusk says.

"As a right-wing conservative and founding member of the Freedom Caucus, I never expected that the coworker I would work closest, and best, with at the White House would be a 'globalist, '" he said in wishing Cohn well.

Critics say Trump has undercut his own justification for the tariffs by linking them to NAFTA.

His staff hollowing out and his agenda languishing, President Donald Trump is increasingly flying solo.

When he initially decided on the plan, he reportedly said that the 25 percent tariff on foreign steel and 10 percent tariff on foreign aluminum would apply to all countries, because otherwise, everyone would ask for an exemption.

So far, Trump's presidency has been good for Goldman and other major banks. The European Union and other allies are targeting items that include orange juice from Florida, motorcycles from Wisconsin, and tobacco from North Carolina, all of which are politically important states.

Paradoxically, Wall Street can take some comfort on trade from Trump's freewheeling operating style.

Canada is the largest exporter of steel and aluminum to the USA, and though, for now, Canada and Mexico are exempted, tariffs would hit seven other bigger metal-exporters than China.

"The temporary exemption for our trading partners in Canada and Mexico is a step in the right direction", said Matt Blunt, president of the American Automotive Policy Council.

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