Update: President Trump has announced he will make a decision soon on Gary Cohn’s replacement:
Will be making a decision soon on the appointment of new Chief Economic Advisor. Many people wanting the job – will choose wisely!
— Donald J. Trump (@realDonaldTrump) March 7, 2018
The two frontrunners, now confirmed by administration officials, are White House Trade Council Advisor Peter ‘Death By China’ Navarro (seemingly the out of nowhere architect of Trump’s trade war plan) and Conservative commentator Larry ‘mothers milk of stocks’ Kudlow (who was on CNBC today defending Cohn and talking down Trump’s trade war plan).
Separately, Bloomberg reports that Trump confronted Cohn hours before the resignation, demanding his cooperation on tariffs in a meeting in the Oval Office Tuesday, and asking Cohn directly if he would support his decision to move forward with the plan. Cohn would not offer his support and just hours later, the White House announced Cohn’s resignation.
According to one source with knowledge of the exchange, Trump specifically asked Cohn: We’re all on the same team, right? He then asked if Cohn was going to support the president on the issue. Cohn didn’t answer.
For now the market is not happy… Dow -450
* * *