Inside the bitter Oval Office tariff fight – Axios

Interesting story by Axios about the war between Peter Navarro’s economic nationalist camp and Gary Cohn’s free trader-cohort inside the Oval Office which culminated in Cohn leaving the White House tonight.

The money quote that says it all:

Cohn tried to argue that these tariffs would ruin Trump’s record-setting stock market streak and wipe away benefits of tax reform. But Trump kept saying Cohn was a “globalist” while he himself was an economic nationalist.  – Axios

We believe it is going to be difficult to be an economic nationalist when global investors and central banks:  1)  hold 1/3rd of U.S. marketable public debt;  2) finance the bulk of the federal budget deficit, and 3) allow the U.S. to run current account deficits ad infinitum “without tears” — i.e., without a currency crisis.

We fear that may be about to change.

The economic nationalist label is going to comeback to haunt President Trump.

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