General Discussion

DonViejo

(60,536 posts) Thu Jun 14, 2018, 12:25 PM Jun 2018

Cohn contradicts Trump on trade deficits

BY NIV ELIS - 06/14/18 12:11 PM EDT

Former White House economic adviser Gary Cohn on Thursday contradicted his former boss President Trump on the importance of trade deficits, which the president has frequently railed against.

“I have always said a trade deficit doesn’t matter. In many respects it’s helpful to our economy,” Cohn said at a Washington Post event. Cohn’s views on trade have long clashed with Trump’s, and he left the White House after Trump began ramping up tariffs on major U.S. trade partners.

Cohn went on to say that a trade-induced downturn could wipe out the positive economic gains of the GOP tax law, which was his central accomplishment in the White House.

“I’ve always been worried that trade can have a derailing effect on the US economy,” he said.

Cohn went out of his way to defend Trump’s intentions, saying he believes the president’s actions on trade are ultimately focused on improving the American economy and bringing down trade barriers.

But when pressed, he admitted that trade tensions among American allies had ramped up significantly between the last G-7 summit in Italy, and the one last weekend in Canada. In the most recent summit, Trump pulled his support from the joint communique with the other six members of the group.

more
http://thehill.com/policy/finance/392282-cohn-contradicts-trump-on-trade-deficits

3 replies

= new reply since forum marked as read

Highlight:

Cohn contradicts Trump on trade deficits (Original Post) DonViejo Jun 2018 OP

trumped claimed a huge 10 b+ deficit against Canada, duforsure Jun 2018 #1

Deficits don't matter, facts don't matter, nothing matters in TrumpWorld gratuitous Jun 2018 #2

Trade deficits don't matter nearly as much as budget deficits VMA131Marine Jun 2018 #3

duforsure

(11,885 posts)

1. trumped claimed a huge 10 b+ deficit against Canada,

Reply to DonViejo (Original post)

Thu Jun 14, 2018, 12:31 PM

Jun 2018

When we have a surplus of 8.4 billion with them. Again trump ignores the truth to promote his propaganda and lies with. He has to con the people into believing the opposite of the truth to promote his propaganda with. That's why he hates the media, the truth is his biggest enemy, and anyone reporting it.

gratuitous

(82,849 posts)

2. Deficits don't matter, facts don't matter, nothing matters in TrumpWorld

Reply to DonViejo (Original post)

Thu Jun 14, 2018, 12:36 PM

Jun 2018

All that matters is Trump ranting about something and revving up his fanboiz, all of them convinced that it totally pwns the libtards. When you point out that Trump is 100% wrong, all you get for your trouble is ridicule and scorn. If you make a nuanced and erudite reply, then you invite ridicule and scorn from people who should be on your side, but who think you're too namby pamby. If you say a swear, then Trump wins forever. I'm not quite sure how that works, but I've seen it too many times to think it's happenstance.

VMA131Marine

(4,140 posts)

3. Trade deficits don't matter nearly as much as budget deficits

Reply to gratuitous (Reply #2)

Thu Jun 14, 2018, 01:05 PM

Jun 2018

A great deal of the stuff we import, we don't make in the US anymore. If we put up high enough tariff barriers to choke off the flow of imported good, what would be the impact on the US consumer? Are you prepared to pay 50% more, double, triple, quadruple what you pay now (Levi's 501s made in the US cost ~$180 per pair even a few years ago). We don't even have enough workers to make all the stuff we now import. Of course we could bring in more workers by allowing more immigration, which wouldn't bother me, but Trump is kicking people out instead.

Reply to this discussion