A chief architect of the successful Tax Cuts and Jobs Act is departing the Trump Administration with the President’s decision to raise tariffs. According to CNBC:
“White House chief economic advisor Gary Cohn has resigned from President Donald Trump’s administration. The former Goldman Sachs president and free trade advocate Cohn, whose departure date will come in a few weeks, decided to quit after Trump announced he would impose stiff tariffs on steel and aluminum imports.
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In his own statement, Trump said, “Gary has been my chief economic advisor and did a superb job in driving our agenda, helping to deliver historic tax cuts and reforms and unleashing the American economy once again. He is a rare talent, and I thank him for his dedicated service to the American people.”
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At a meeting with steel and aluminum executives last Thursday where Trump announced the move, Cohn argued against it, warning about price increases for steel and aluminum products, according to a person in the room. An Axios reporter Thursday reported via Twitter that last Thursday Trump canceled a meeting that Cohn arranged for him with companies that use steel and aluminum in their products, in an effort to dissuade the president from imposing the tariffs.”
President Trump is his own man on economic policy, believing that tariffs are a corrective tool to be used against foreign nations who flood our markets with cheap products. Free trade advocates suggest that the president is making a tactical error, but President Trump is making a conscientious decision to protect American jobs from unfair foreign competition.