When Gary Cohn finally quit his job at the White House in March 2018, it was over Donald Trump’s decision to hit China with tariffs, which the ex-Goldman Sachs president had insisted was a terrible idea that would only hurt the U.S. and not extract the concessions from Beijing Trump wanted, or do anything to shrink the trade deficit. One year later, the former National Economic Council director, among others, appears to have been correct: negotiators have yet to strike an agreement, despite the White House’s weekly insistence that one is just around the corner. Last week, the Commerce Department said the United States posted an $891.2 billion trade deficit for 2018, the largest in our 243-year history. But according to Cohn, he didn’t quit over the tariffs, per se, but rather because of the totally shady, ratfucking way Commerce Secretary Wilbur Ross and economic adviser Peter Navarro went about convincing the president to implement them.
In a podcast recorded this month with Freakonomics, Cohn tells host Stephen Dubner:
C.E.O.s of aluminum and steel companies were, of course, always going to be in favor of tariffs of 25 percent on steel imports and 10 percent on aluminum imports, regardless of the fact that U.S. importers would pay the tax on those products, and not China, as Ross and Navarro were presumably happy to let Trump assume. But we digress:
Of course, prior to Ross and Navarro end-running the process, Cohn probably wouldn’t have said he was enjoying his time in the White House. According to Michael Wolff’s Fire and Fury, in April 2017, an e-mail “purporting to represent the views of Gary Cohn” circulated around the West Wing, describing the situation as “worse than you can imagine,” Trump as “an idiot surrounded by clowns,” and claiming, “I need to stay because I’m the only person there with a clue what he’s doing.”
The White House did not immediately respond to The Hive’s request for comment.
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