Director of the National Economic Council Gary Cohn’s dead man walking resignation on Tuesday reignited Tariff Terror.
The ex-Goldman exec defied President Trump in an Oval Office meeting refusing to answer the President on whether he supported the administration’s stance on steel and aluminum tariffs.
As a democrat it is not too strange for Cohn to decided to die on this hill, as steel imports should soar as the infrastructure spending begins to ramp up.
America does not possess the needed steel manufacturing any longer since prior Administrations allowed that to go overseas to Asia and China in particular.
Knee-jerk market reaction had Dow off 350 points, but I believe that will be a temporary sell off as equities will probably rally later in the day.
One thing is almost certain Cohn will to keep the $284 million in tax-free proceeds he took with him as he left West St. Goldman HQ last year to head to Washington.
There are many names being bandied about to replace Cohn, but I believe it will be someone who will defer to Treasury Secretary Steve Mnuchin. It certainly will not be a former boss of his wishing to take control of economic policy.