The White House is “living in chaos” on major decisions, according to the president’s former top economic adviser.
By David J. Lynch David J. Lynch Financial writer covering trade and globalization Email Bio Follow March 13 at 11:00 PM Gary Cohn, President Trump’s former top economic adviser, says the president is “desperate” to reach a trade deal with China and is being ill-served by protectionist advisers who have left the White House “living in chaos” on major decisions.
“I think market access, the Chinese will give because they’ve been close to giving it for a while. But how are we going to stop the Chinese from stealing intellectual property or not paying for it?” he said. “How are we going to stop them from copyright infringement? What is the enforcement mechanism, and what are the punitive damages if they don’t stop?”
Senate Minority Leader Charles E. Schumer said Wednesday that the president should “have the guts to walk away” if the Chinese don’t offer significant concessions. “I was losing the war on tariffs every day with the president. I knew I wasn’t convincing him I was right,” he said. “I was not going to take a 74-year-old man who’s believed something since he was 30 and convince him that I was right. Believe me, I tried.”
Cohn said he supported the president’s desire to crack down on unfair Chinese trade practices, but he said tariffs “don’t work.” As evidence, he pointed to last year’s record $891 billion trade deficit in merchandise and the record $419 billion gap in trade with China.
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