Bloomberg Talks Gary Cohn, former Chief Economic Advisor to Donald Trump
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Nov 21, 2024 
Gary Cohn, former chief economic advisor to President Trump and IBM Vice Chair, shares insights on the complexities of economic policy-making. He discusses the importance of selecting the right Treasury Secretary, emphasizing how past transitions influence present decisions. Cohn reveals the urgency faced by the economic team, shifting focus from tax policies to healthcare. He also highlights the market dynamics during Trump's presidency and the challenges of navigating interest rates and national debt, providing a candid view of governmental economic strategies.
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Contrasting Economic Landscapes
- The economic environment during Trump's first election victory saw low interest rates, national debt around $20 trillion, and a recovering economy.
- In contrast, his second term begins with higher rates, a $35 trillion debt, inflated housing prices, and different economic challenges.
Healthcare Derailment
- Cohn recalls that the incoming Trump administration in 2017 prioritized tax reform but was immediately sidetracked by the Obamacare repeal debate.
- This unexpected healthcare focus consumed valuable time and resources, creating anxiety within the economic team.
Trump 2.0 Priorities
- Cohn predicts that Trump's immediate priorities will be addressing taxes due to the 2025 deadline and reinstating stricter immigration policies.
- Tariff policy will also be addressed, likely focusing on protecting existing US manufacturing jobs.