Home Gary Cohn Former Trump Economic Advisor Gary Cohn Claims The Trumpster Tariffs Are Poison...

Former Trump Economic Advisor Gary Cohn Claims The Trumpster Tariffs Are Poison For The U.S. Economy

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Jerome Powell has his hands full now that every economist on Wall Street wants to tell him what the Feds next move should be in terms of rate cuts this year. Wall Street knows the Feds have at least one more cut on their to-do list.


The quarter of a percent rate cut wasn’t enough for the president. Powell is on Trump’s hit list. Powell may be number one, but Trump still has to convince Wilbur Ross he needs to go after he screwed up the Census citizenship question. According to inside department reports, Wilbur usually takes a siesta during department meetings.


Mr. Trump can’t fire Powell, but the Trumpster says he can. Now that he got rid of Dan Coats, he can shake the intelligence agencies so they work directly for him. He wants to tell them what’s true intel and what’s fake news, according to the Washington Post.


Mr. Powell claims the Federal Reserve will not play Trump’s political game. But Trump left them no choice but to cut rates when he decided to bring the global supply chain to its knees and help push Europe closer to a recession. The Feds know Trump’s economic decisions will erode Gross Domestic Product growth, and they see the amount of debt Trump’s tax cut and other poor decisions add to the $22 trillion national debt. But the unknown factor is the economic cost of Trump’s trade war with China.


Mr. Trump likes to tell voter base he has China by the balls. He accused President Xi of reneging on their G20 deal. Trump reneged too. China agreed to buy more American products, but they won’t let Trump control how they trade in the global market. Trump wants China to stop controlling their currency, but China won’t stop because it offsets the cost of the tariffs.


China’s consumer economy is on fire. The reason that sector of the Chinese economy expands so fast is the central bank turns the availability of credit on and off. Trump’s tariffs didn’t slow down the Chinese economy in 2019, China’s central bank did. Trump gave the Chinese the perfect reason to beat him at his own game.


According to Trump’s ex-economic advisor Gary Cohn, the Trumpster tariffs don’t break China’s economic balls as much as they break American balls. Nobody knows what the economic damage will be when Trump’s in an orange jumpsuit, but it will be substantial, according to the New York Times.

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