Well what do you know, the sun came up Thursday morning just as it did before Gary Cohn was fired for insubordination from the White House for his Tariff Tantrum.
Oh and the market sell off that the media warned about? Futures are green this morning after a tepid down day on Wednesday.
Cohn was asked to step aside after failing to voice support for the president’s directive to place tariffs on imported steel and aluminum. In an Oval Office showdown Cohn declined to answer Trump when asked.
The key word in Cohn’s title was White House Economic ADVISOR. Pretty foolish of him if he didn’t realize that the President takes advice from many quarters and decides.
The alleged architect of the Trump tax overhaul, which certainly is a misnomer since much of the tax plan was devised during the campaign, while Cohn was still finding busy work to do at Goldman Sachs.
And two points on these dreaded tariffs. One, Trump said on the campaign that he would try to help the little remaining metal-processing industries left in the rust belt states and two, the import taxes charged for the metals is more token than hardship for the manufacturers buying the raw material.
What I don’t understand is how Cohn and the media were surprised by the tariff move. The Trump administration has always been more nationalistic than globalist on trade agreements and economic initiatives.
So all of a sudden now a trade war is striking fear in the hearts of Washington? Or is it that Cohn was a Democrat?
Anyway, good riddance. Gary take your now tax-free half a billion dollar buyout from Goldman and ride off into the sun set, because the sun did come up today.