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Gary Cohn (Back) listens to President Trump deliver remarks during a meeting with members of his Cabinet. Photo: Michael Reynolds-Pool/Getty Images

President Trump's former director of the National Economic Council Gary Cohn let his feelings about the president's tariff battle with China be known in an interview on Freakonomics Radio released Wednesday night.

"When you put tariffs on goods that people in the United States consume every day, it's a consumption tax. So all the tariffs did is they made products that Americans were going to buy more expensive. And in fact we got the final trade data numbers ... And lo and behold [in 2018], we hit an all-time record-high trade deficit globally, and with China."
"Tariffs don't work. If anything, they hurt the economy because if you're a typical American worker, you have a finite amount of income to spend. If you have to spend more on the necessity products that you need to live, you have less to spend on the services that you want to buy. And you definitely don't have anything left over to save.
"So we should try and make the goods as cheap as possible. And we don't produce the goods in the United States; we import the goods from other countries. And if we could produce the goods as cheaply as other countries do, we would produce them in the United States."

Cohn also said Trump is “desperate right now” for a trade agreement with China.

"The president needs a win. The only big open issue right now that he could claim as a big win that he’d hope would have a big impact on the stock market would be a Chinese resolution. Getting the trade deficit down I will never say is easy, but of the issues on the table, that's relatively easier. Getting the intellectual property, the forced technology transfer and the market access — much more difficult."

Cohn talked about why he joined the Trump administration, but refused to answer questions about journalist Bob Woodward's book in which he is quoted calling Trump a "professional liar" and a "f--king a--hole."

Cohn says the two still talk regularly.

Go deeper

3 hours ago - World

U.S. and NATO answer Putin in writing while bracing for Ukraine invasion

NATO Secretary-General Jens Stoltenberg. Photo: Dursun Aydemir/Anadolu Agency via Getty

The U.S. and NATO provided Russia with written proposals on Wednesday to advance a "diplomatic path forward," even as they warned that Russia could invade Ukraine within days.

Why it matters: This is a delicate diplomatic balancing act. The U.S. and NATO want to show they're serious about diplomacy but unwilling to compromise on "core principles" — all without providing Vladimir Putin with an additional pretext for escalation.

The political leanings of the Supreme Court justices

Data: Martin-Quinn scores; Chart: Axios Visuals

The Supreme Court will continue to have a solid conservative majority even with Justice Stephen Breyer's retirement.

How to read the chart: An analysis by political scientists Andrew Martin and Kevin Quinn, known as the Martin-Quinn Score, places judges on an ideological spectrum. A lower score indicates a more liberal justice, whereas a higher score indicates a more conservative justice.

The front-runners for Biden's Supreme Court pick

Judge Kentaji Brown Jackson (left) and Justice Leondra Kruger (right) Tom Williams-Pool/Getty Images and Lonnie Tague, US Department of Justice

Two highly accomplished Black female judges — Ketanji Brown Jackson, a judge on the D.C. Circuit Court of Appeals; and Leondra Kruger, a justice on the California Supreme Court — are seen as the early front-runners to replace retiring Supreme Court Justice Stephen Breyer.

The big picture: Jackson is a powerful federal judge with a record that progressives feel they can trust. Kruger was a highly regarded litigator and has carved out a reputation for working well with conservative judges.

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