Saturday, 26 May, 2018

Trump touts GOP hopeful, tariffs at rally in Pennsylvania

Gary Cohn director of the National Economic Council said late Tuesday he would resign after he lost a fight over tariffs White House confirms President Donald Trump coming to California
Preston Stone | 13 March, 2018, 12:29

Cohn said he would resign shortly after he lost a fight over Trump's plans for hefty steel and aluminum import tariffs. It's a knock from which this presidency-and the economy-will struggle to recover.

Cohn has served in the Trump administration since the president was inaugurated in January a year ago. The intellectual heavyweights who have mattered most to Donald Trump's policy.

The president also boasted to outside advisers that he knew the tariffs issue better than his advisers and suggested that the move could help him lock up Rust Belt states like Pennsylvania, Ohio and MI again, according to a person familiar with the president's thinking but not authorized to publicly discuss private conversations. But that impulse is driven less by a philosophical commitment to open trade among economic partners than by a desire to use the threat of lowering the tariff boom to force renegotiation of the North American Free Trade Agreement.

The report comes after Trump floored his own advisors when he agreed to accept an offer to meet nuclear-armed dictator Kim before the end of May.

The biggest danger for Australia, which is unlikely to be seriously affected directly by the steel and aluminium tariffs, is that Mr Trump next sets his sights on his prime target in trade wars, China, which is Australia's largest trading partner.

He also had some nice things to say about state Rep. Rick Saccone, a Republican who is in a tight special-election race in Pennsylvania's 18th Congressional District.

Two rallies held ahead of President Trump's visit to San Diego
McDonnell said so far there are no formal protests but he expects " more spontaneous social media drive" actions. Often areas in adjacent Los Angeles are described as Beverly Hills because they use a Beverly Hills postal code.

Worries about a potential trade war after Cohn said he was resigning on Tuesday initially sent the S&P 500 down almost 1 percent but the three major USA stock indexes closed higher on Thursday after Trump appeared to soften his stance on tariffs.

Trump mentioned the possibility of tariffs on the campaign trail.

The departure of Mr. Cohn could have a ripple effect on the financial industry.

"They're opening a lot of the steel mills up because of what I did", he said. He also pledged to work on reducing the U.S. trade deficits.

Mr. Trump also took shots at the Democratic candidate, Conor Lamb, who Mr. Trump bestowed with the nickname "Lamb the Sham". "He's not trying to expand trade agreements". Still, the party is split.

Advisers argue that tales of Trump's freelancing are exaggerated and that in many cases — as with tariffs — he is following through on long-stated promises.

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