Mike Allen Jul 4
Trump reins in tariff temptation
President Trump, who has expressed enthusiasm behind closed doors for harsh trade tariffs aimed at China, is headed — for now — toward a more moderate course.
- Trump originally favored a hard line, but was told in a heated meeting that most of his staff and Cabinet were opposed. Economic adviser Gary Cohn and Treasury Secretary Steve Mnuchin argued privately that tough tariffs were bad economics at a time when the market and job rates are strong.
- Trump left staff with the impression he would proceed with tariffs, but has tempered his views amid the internal pressure.
- Before heading off to Europe tomorrow on the second international trip of his presidency, Trump tweeted: "Really great numbers on jobs & the economy! Things are starting to kick in now, and we have just begun! Don't like steel & aluminum dumping!"