CIVIL TRADE WAR? A trade war is brewing inside the White House between rival camps.
Soon after President Trump took office, an executive order was quietly drafted to suspend talks with China on an obscure but potentially far-reaching treaty about bilateral investment.
After eight years and two dozen rounds of negotiations, the treaty terms were almost in final form. Pulling out after so much time and effort would send a clear message that the Trump administration meant to take a new and tougher approach to China.
But the executive order never even got to the president’s desk. It was quietly shelved, according to sources inside and outside the White House, at the behest of former Goldman Sachs President Gary Cohn, now Trump’s top economic advisor.
Killing the order was a small victory for a White House faction that supports free trade and the global economy. But it was only an opening skirmish in what promises to be a long and bitter struggle over trade policy that so far is being waged behind the scenes in the Trump administration.
“Personnel is policy,” but like in any Administration, not all of Trump’s personnel support the same policy.