Navarro Says "Not On List To Replace Gary Cohn", Stocks Jump

Speaking on Bloomberg TV, Peter Navarro - the man who, following his promotion 2 weeks ago, many believe was responsible for not only Trump's decision to launch trade wars, but led to the resignation of Gary Cohn - discussed the current White House expertise on economic matters, saying "we have a deep economic bench with lots of points of view", but more importantly, said that "I'm not on the list to replace Gary Cohn."

Reportedly, that makes Larry Kudlow, long reported by Politico as a potential Cohn replacement, favorite to become Trump's top economic advisor. What is notable is that Kudlow made several TV appearances yesterday, and told CNBC that he was firmly against trade tariffs.

In response to Navarro's statement, stocks spiked to session highs, and while the S&P is still down on the day, it has wiped out almost all losses. As some have noted, the market appears to be "hugely relieved" that the biggest trade hardliner has distanced himself from taking the top economic job. 

Separately, Navarro also played down the steel and aluminium tariffs as “modest”, reflecting potentially a certain softening of rhetoric from within the White House today. He also pointed out that "everything about the US economy is bullish" and added that the steel and aluminum tariffs are "good for the economy."

  • *NAVARRO SAYS EVERYTHING ABOUT U.S. ECONOMY IS BULLISH
  • *NAVARRO: METAL TARIFFS ARE GOOD FOR THE ECONOMY
  • *NAVARRO: STEEL, ALUMINUM TARIFFS ARE MODEST

He concluded that it is yet to be determined when Trump signs the tariff orders, although according to the previous report from Axios, that day could come as soon as tomorrow.

Comments

Seasmoke Wed, 03/07/2018 - 10:51 Permalink

The Tribe is going to milk this tariff scripted drama for all its worth   ...... Just follow the script and Lloyd will make Billions for Goldman.  

Endgame Napoleon Juggernaut x2 Wed, 03/07/2018 - 12:39 Permalink

For the womb-productive moms, working part time to stay below the earned-income limits for monthly welfare that covers their rent and groceries, tax day is synonymous with up-to $6,444 in refundable child-tax-credit welfare, and for married moms, working part time to add keeping-up-with-the-Jones’ income to a spousal income or to keep another bigly income concentrated in one household, it means a tax cut of thousands. Any way you look at it, and regardless of whether the parents work fewer hours than the childless, single citizens who must cover all household bills on earned-only income from one source, the citizen and non-citizen parents have higher paychecks, thanks to the tax cut / doubled tax welfare, while the non parents, the non-custodial parents and the parents of kids over 18 get a tax cut big enough to cover a Costco membership. 

In reply to by Juggernaut x2

Endgame Napoleon roadhazard Wed, 03/07/2018 - 12:56 Permalink

Except for quite a few of the frequently babyvacationing crony-parent managers who “need the money” and their small cadres of back-watching, frequently babyvacationing, above-firing, crony-parent underlings of the same ilk who “need the money,” even though they either have spousal income, child support that covers rent or monthly welfare and child tax credits up to $6,444, there is a high-turnover frenzy in most of America’s corporate jobs and in many of the government jobs, too, particularly in the lower ranks prior to civil service clique membership. There is just constant turnover, and it is impossible to figure it out since it is divorced from things related to work, like account-generation and account-retention numbers, much less all day / every day attendance. Common trends prevail, providing subtle hints that vary from workplace to workplace, like the many 99% to 100% childbearing-aged-mom-dominated workplaces “voted best for moms,” the many 99.8% youth-dominated workplaces and the many 80% to 90% Black or Hispanic-dominated workplaces. There are probably 90% Asian workplaces in other parts of the country, but not here in the South.

In reply to by roadhazard

Occams_Razor_Trader Wed, 03/07/2018 - 11:04 Permalink

Haven't watched CNBC since 'lil' Johnny Harwood- emailed the DNC to see what questions they wanted him to ask Jeb Bush concerning economic policy (when the comatose one was a potential candidate).

Fucking shills.

Endgame Napoleon Snaffew Wed, 03/07/2018 - 13:03 Permalink

So, stop investing the tax cut in stock buybacks, putting it into plant construction and training US citizens to produce finished goods, made from aluminium produced by US citizens in US companies, supplying US manufacturers of finished goods, which will be sold by US retailers into the 324-million-person US consumer market.

In reply to by Snaffew

frenchstressbedtest Wed, 03/07/2018 - 11:44 Permalink

In summary, Gary Cohn resigned because he is against trade tariffs,replaced by

Kudlow who is firmly against trade tariffs.... so the real question is who is going to replace Kudlow in a few days when he will realise that Trump is still supporting trade tariffs????? Certainly a strongly bloodthirsty anti-trade tariffs 's man....From outside, America policy starts to become fascinating.... Definitively my best year's science fiction readings.....Thanks folks....!

Endgame Napoleon onwisconsinbadger Wed, 03/07/2018 - 13:09 Permalink

Unless he is an illegal alien with a womb-productive and non-working spouse, enjoying the status quo of pay-per-birth monthly welfare and child-tax-credit welfare that bumps up his lowly earned income, the janitor at Goldman is much more likely to put the economic interests of American citizens first than people making spectacular bank off of the Globalist Uniparty status quo.

In reply to by onwisconsinbadger