President Donald Trump has picked Larry Kudlow to be Gary Cohn’s replacement as economic advisor at the White House. The announcement was made by Kudlow, who’s a commentator on U.S. television and conservative economic analyst, and adds another loyalist to Trump’s inner circle.
Kudlow has previously been an economic advisor at the White House, when he was appointed in the 1980s by President Ronald Reagan. He’s a Republican who’s worked on Wall Street, and is known to be a supporter of supply-aide policies that are concerned with reduced taxes and lenient regulations.
The reporters were told by Kudlow that he had accepted the job after Trump had offered it to him on Tuesday. The news was confirmed by a White House spokeswoman Sarah Sanders, though a formal announcement is expected on Thursday.
The investors on Wall Street have had a positive reaction to Kudlow’s appointment according to the chief investment officer at Independent Advisor Alliance, Chris Zaccrelli. He said the Kudlow’s prior experience and his views on policy were a significant factor. The investors regard him as being more relaxing when it comes to trade policy, as compared to Peter Navarro or others, he added.
Senior vice president, Stephen Massocca of Wedbush Securities based in San Francisco said that Kudlow is a free trader and his appointment is a representation of Trump being open to both sides of the argument.
Kudlow had addiction problems with drugs and alcohol 20 years ago but managed to get sober, and he admitted to having an inconsistent life style.
As economic advisor, the NEC director is said to be able to recommend people for positions at the U.S. Federal Reserve, and will have Trump’s ear in to influence the direction of economic policy of the country.
In contrast to CNBC contributor Kudlow, Cohn did not carry such an influence on Donald Trump who is national economist. The Democrat disagreed with Trump’s decision to implement trade tariffs on steel and aluminum imports and ended up resigning from his post last week.
However, Kudlow, who was a part of Trump’s presidential campaign as an economic advisor in 2016, has also been critical of the steel tariffs proposed by Trump. Earlier this month, an article was published that said that the tariffs would harm the U.S. more than other countries, and Kudlow was one of three authors.
Although, he said it was a relief that some countries had been exempted from the tariffs, as producers in the U.S. that used steel regularly would have been affected. However, he agreed with the tougher sanctions that have been proposed for China. He said that China has been guilty of not following the rules for a long time, and had only themselves to blame for the sanctions. He added that he was hoping for more countries to follow suit in acting against China regarding trade.
Kudlow also agrees with Trump on the North American Free Trade Agreement concerning Canada and Mexico and admitted that it needed fixing. He criticized the European Union as well, saying that the committee had bad protectionist policies.