Herman Cain says he will not drop out of Fed Board consideration

Herman Cain will not drop out of consideration for the Federal Reserve Board even though he does not appear to have enough votes to get confirmed in the Senate, he told The Wall Street Journal on Wednesday. Trump picked Cain, a 2012 presidential candidate, for one of two vacant Fed Board seats but has not formally nominated him. Four Republicans — enough to sink Cain in the Senate — expect not to support his confirmation to the central bank board if Trump nominates him. He said it will “probably


Herman Cain will not drop out of consideration for the Federal Reserve Board even though he does not appear to have enough votes to get confirmed in the Senate, he told The Wall Street Journal on Wednesday. Trump picked Cain, a 2012 presidential candidate, for one of two vacant Fed Board seats but has not formally nominated him. Four Republicans — enough to sink Cain in the Senate — expect not to support his confirmation to the central bank board if Trump nominates him. He said it will “probably
Herman Cain says he will not drop out of Fed Board consideration Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: jacob pramuk, jonathan ernst
Keywords: news, cnbc, companies, trump, fed, consideration, senate, process, cain, board, presidential, told, kudlow, journal, drop, herman


Herman Cain says he will not drop out of Fed Board consideration

Herman Cain will not drop out of consideration for the Federal Reserve Board even though he does not appear to have enough votes to get confirmed in the Senate, he told The Wall Street Journal on Wednesday.

The former Godfather’s Pizza CEO and Kansas City Fed Board president said he is “very committed” to the process, according to the newspaper. Trump picked Cain, a 2012 presidential candidate, for one of two vacant Fed Board seats but has not formally nominated him.

Four Republicans — enough to sink Cain in the Senate — expect not to support his confirmation to the central bank board if Trump nominates him. On Tuesday, Trump’s top economic advisor Larry Kudlow said the White House is “talking to a number of candidates” for the seat. He said it will “probably be up to Herman Cain if he wants to stay in the process or not.”

Cain told the Journal that Kudlow was “giving [him] an out.”

“I don’t want an out,” he said.

Critics of Cain’s potential appointment have raised concerns about him politicizing the independent board because he would likely be loyal to Trump. Sexual misconduct accusations that surfaced during the 2012 presidential elections have also sparked resistance to his possible nomination.

Cain has denied the allegations against him.

Read the full Journal story here.

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Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: jacob pramuk, jonathan ernst
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White House interviewing other Fed candidates beyond Cain and Moore: Kudlow

Asked Tuesday whether the White House was interviewing anyone else for the two Fed seats in case Cain and Moore drop out, Kudlow said: “We’re talking to a number of candidates. And it’s proceeding in an orderly way,” Kudlow told reporters at the White House. We support Herman Cain. We’ll just let things play out in the vetting process,” Kudlow said. The White House did not immediately respond to CNBC’s request for comment on Kudlow’s remarks.


Asked Tuesday whether the White House was interviewing anyone else for the two Fed seats in case Cain and Moore drop out, Kudlow said: “We’re talking to a number of candidates. And it’s proceeding in an orderly way,” Kudlow told reporters at the White House. We support Herman Cain. We’ll just let things play out in the vetting process,” Kudlow said. The White House did not immediately respond to CNBC’s request for comment on Kudlow’s remarks.
White House interviewing other Fed candidates beyond Cain and Moore: Kudlow Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: kevin breuninger, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, vetting, fed, cain, vote, candidates, process, kudlow, interviewing, herman, moore, house, white


White House interviewing other Fed candidates beyond Cain and Moore: Kudlow

President Donald Trump’s top economic advisor, Larry Kudlow, said Tuesday that the White House is “talking to a number of candidates” to fill two open seats on the Federal Reserve Board of Governors, while insisting that controversial Trump picks Herman Cain and Stephen Moore are still in the running.

Asked Tuesday whether the White House was interviewing anyone else for the two Fed seats in case Cain and Moore drop out, Kudlow said: “We’re talking to a number of candidates. We always do.”

The potential nominations of Cain and Moore, which would need confirmation in the Senate, have been met with lukewarm reactions from economics experts and some Republicans. Both men have faced controversies – a messy divorce in Moore’s case, and allegations of sexual misconduct in Cain’s. Cain has denied the accusations.

Critics also say the two men are too politically biased toward Trump to serve on the independent Fed board.

Cain in particular has faced resistance from GOP senators, four of whom have already said they would vote against him to join the central bank’s seven-member board of governors.

North Dakota Republican Sen. Kevin Cramer’s announcement of opposition to Cain last Thursday effectively doomed his nomination, assuming Democrats in the chamber would vote against him.

GOP Sens. Lisa Murkowski of Alaska, Cory Gardner of Colorado and Utah’s Mitt Romney have also said they would vote against Cain.

“Herman’s going through the vetting process, for now, that’s where we are on that,” Kudlow said of the former presidential candidate and ex-CEO of the Godfather’s Pizza restaurant chain. Cain had previously served at the Kansas City Fed before moving into politics.

“At the end of the day, it’ll probably be up to Herman Cain if he wants to stay in that process or not. As far as we’re concerned he’s in that process. And it’s proceeding in an orderly way,” Kudlow told reporters at the White House.

Kudlow, director of the White House National Economic Council, pushed back when pressed by reporters whether that tepid endorsement was meant as a hint for either Cain or conservative think tank fellow Moore to get out of the running for the Fed seats.

“Stephen Moore is in the process. We support him. We support Herman Cain. We’ll just let things play out in the vetting process,” Kudlow said.

The White House did not immediately respond to CNBC’s request for comment on Kudlow’s remarks.


Company: cnbc, Activity: cnbc, Date: 2019-04-16  Authors: kevin breuninger, david paul morris, bloomberg, getty images
Keywords: news, cnbc, companies, vetting, fed, cain, vote, candidates, process, kudlow, interviewing, herman, moore, house, white


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Fourth GOP senator opposes Herman Cain for Fed board

Opposition from Cramer could also leave a Cain nomination deadlocked in the Senate Banking Committee, before it even reached the floor of the Senate for a vote. The news of Cramer’s opposition came as White House support for Cain also seemed to weaken on Thursday. “Yes, we are, at the moment,” National Economic Council Director Larry Kudlow replied when asked during an event in Washington about whether the White House still stood behind Cain, a former pizza executive and 2012 Republican presiden


Opposition from Cramer could also leave a Cain nomination deadlocked in the Senate Banking Committee, before it even reached the floor of the Senate for a vote. The news of Cramer’s opposition came as White House support for Cain also seemed to weaken on Thursday. “Yes, we are, at the moment,” National Economic Council Director Larry Kudlow replied when asked during an event in Washington about whether the White House still stood behind Cain, a former pizza executive and 2012 Republican presiden
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Keywords: news, cnbc, companies, herman, fed, gop, woman, kudlow, sexual, white, house, senator, fourth, senate, board, opposition, presidential, opposes, cain, republican


Fourth GOP senator opposes Herman Cain for Fed board

Opposition from Cramer could also leave a Cain nomination deadlocked in the Senate Banking Committee, before it even reached the floor of the Senate for a vote.

The news of Cramer’s opposition came as White House support for Cain also seemed to weaken on Thursday.

“Yes, we are, at the moment,” National Economic Council Director Larry Kudlow replied when asked during an event in Washington about whether the White House still stood behind Cain, a former pizza executive and 2012 Republican presidential candidate. Kudlow is a former CNBC contributor.

“He’s in the vetting process, we will see how that turns out,” Kudlow added. “I don’t want to prejudge it one way or the other.”

A former 2012 GOP presidential candidate, Cain suspended his primary campaign in December 2011 after it emerged that three women had accused him of workplace sexual harassment, a fourth woman accused him of sexual assault, and a fifth woman came forward to allege that she and Cain had carried out a 13-year-long extramarital affair.

Cain has denied all the allegations. Still, the prospect of revisiting the allegations during a heated Senate confirmation hearing, and having to publicly defend Cain, likely holds little appeal for the White House or for Republican senators in swing states.

WATCH: Senate should look at Fed nominees’ prior statements


Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: christina wilkie, julie dermansky, corbis news, getty images, tom williams, cq-roll call group
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Trump is standing behind controversial Fed board pick Herman Cain ‘at the moment,’ Larry Kudlow says

WASHINGTON – White House support for Herman Cain, one of President Donald Trump’s controversial Federal Reserve Board picks, seemed to weaken Thursday, when Trump’s top economic advisor Thursday pointedly declined to give Cain a full-throated endorsement. “Yes, we are, at the moment,” National Economic Council Director Larry Kudlow replied when asked during an event in Washington about whether the White House still stood behind Cain, a former pizza executive and 2012 Republican presidential cand


WASHINGTON – White House support for Herman Cain, one of President Donald Trump’s controversial Federal Reserve Board picks, seemed to weaken Thursday, when Trump’s top economic advisor Thursday pointedly declined to give Cain a full-throated endorsement. “Yes, we are, at the moment,” National Economic Council Director Larry Kudlow replied when asked during an event in Washington about whether the White House still stood behind Cain, a former pizza executive and 2012 Republican presidential cand
Trump is standing behind controversial Fed board pick Herman Cain ‘at the moment,’ Larry Kudlow says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: christina wilkie, al drago, bloomberg, getty images
Keywords: news, cnbc, companies, herman, fed, larry, trump, kudlow, standing, white, house, moment, senate, pick, board, controversial, cain, trumps, republican, moore


Trump is standing behind controversial Fed board pick Herman Cain 'at the moment,' Larry Kudlow says

WASHINGTON – White House support for Herman Cain, one of President Donald Trump’s controversial Federal Reserve Board picks, seemed to weaken Thursday, when Trump’s top economic advisor Thursday pointedly declined to give Cain a full-throated endorsement.

“Yes, we are, at the moment,” National Economic Council Director Larry Kudlow replied when asked during an event in Washington about whether the White House still stood behind Cain, a former pizza executive and 2012 Republican presidential candidate.

“He’s in the vetting process, we will see how that turns out,” Kudlow added. “I don’t want to prejudge it one way or the other.”

Kudlow’s hands-off attitude about the nomination is a stark departure from the traditional role played by White House officials after the president announces his intent to nominate someone to a post like the Fed board, which requires Senate confirmation. Kudlow is a former CNBC contributor.

In most cases, White House officials are expected to act as front-line cheerleaders for the president’s picks, making the case to both the Senate and the public that the president’s choice was a good pick.

But Cain does not fit the mold of a traditional nominee to the Federal Reserve Board. Although Trump has yet to submit formal nomination papers for him, Cain’s chances of winning Senate confirmation have grown slimmer by the day since Trump announced his selection last Thursday.

At least three Republican senators confirmed this week that they would not vote to confirm him to the post: Sens. Lisa Murkowski of Alaska and Cory Gardner of Colorado, and newly minted Utah Sen. Mitt Romney.

There are also concerns among lawmakers and on Wall Street about Trump’s other contentious pick for the Fed board, conservative political activist and economics writer Stephen Moore. It is unclear whether Republican senators will vote against Moore, who has had to contend with claims that he is unqualified for the Fed role as well as revelations about his messy divorce. Moore advised Trump during his 2016 campaign and co-authored a 2018 book called “Trumponomics: Inside the America First Plan to Revive Our Economy.”


Company: cnbc, Activity: cnbc, Date: 2019-04-11  Authors: christina wilkie, al drago, bloomberg, getty images
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Larry Kudlow says US-China trade deal talks made ‘fantastic’ progress last week

National Economic Council Director Larry Kudlow said Thursday that trade talks between the U.S. and China are going great, noting the two countries are making “fantastic” progress in meetings last week. “Last week was fantastic,” Kudlow told CNBC’s “Squawk on the Street.” Lighthizer told members of the House Ways and Means Committee that China needed to do more than just buy more U.S. goods for the two countries to strike a permanent trade deal. “Lighthizer has worked miracles on this Chinese de


National Economic Council Director Larry Kudlow said Thursday that trade talks between the U.S. and China are going great, noting the two countries are making “fantastic” progress in meetings last week. “Last week was fantastic,” Kudlow told CNBC’s “Squawk on the Street.” Lighthizer told members of the House Ways and Means Committee that China needed to do more than just buy more U.S. goods for the two countries to strike a permanent trade deal. “Lighthizer has worked miracles on this Chinese de
Larry Kudlow says US-China trade deal talks made ‘fantastic’ progress last week Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-28  Authors: fred imbert
Keywords: news, cnbc, companies, fantastic, larry, chinese, tariffs, deal, lighthizer, kudlow, china, testimony, uschina, street, week, told, think, progress, talks, trade


Larry Kudlow says US-China trade deal talks made 'fantastic' progress last week

National Economic Council Director Larry Kudlow said Thursday that trade talks between the U.S. and China are going great, noting the two countries are making “fantastic” progress in meetings last week.

“Last week was fantastic,” Kudlow told CNBC’s “Squawk on the Street.” “We’re making great headway on nontariff barriers and tariffs regarding various commodities such as soybeans and energy and beef. We have mechanisms with regard to enforcement, which is — I think — unparalleled.”

“The progress has been terrific,” Kudlow added. But “we have to hear from the Chinese side. We have to hear from President Xi Jinping, of course. I think we’re headed for a remarkable, historic deal.”

U.S. equities briefly pared some of their losses following Kudlow’s remarks.

Kudlow also said China has expressed willingness to make key structural changes to prevent intellectual property theft, a highly contested issue in these negotiations.

Kudlow’s comments follow testimony from Robert Lighthizer, the U.S. trade representative. Lighthizer told members of the House Ways and Means Committee that China needed to do more than just buy more U.S. goods for the two countries to strike a permanent trade deal.

But Lighthizer said after the testimony, according to The Wall Street Journal, that formal steps would be taken to abandon plans of raising tariffs on Chinese goods. This is a clear signal that a trade deal could come in the near future.

“Lighthizer has worked miracles on this Chinese deal,” Kudlow said. “We’ve never come this far on China trade.”

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Company: cnbc, Activity: cnbc, Date: 2019-02-28  Authors: fred imbert
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Trump says he may not stick to March deadline on China tariffs

When asked if he will meet Chinese President Xi Jinping at the end of March, Trump said, “Not at this point.” The March 2 deadline is crucial in the negotiations as U.S. tariffs on Chinese goods will increase if a deal is not struck before then. The trade talks still seemed far apart as the two sides have not even drafted an accord specifying the matters they agree and disagree on. Kudlow also indicated, however, that Trump is “optimistic with respect to a potential trade deal.” Mnuchin said las


When asked if he will meet Chinese President Xi Jinping at the end of March, Trump said, “Not at this point.” The March 2 deadline is crucial in the negotiations as U.S. tariffs on Chinese goods will increase if a deal is not struck before then. The trade talks still seemed far apart as the two sides have not even drafted an accord specifying the matters they agree and disagree on. Kudlow also indicated, however, that Trump is “optimistic with respect to a potential trade deal.” Mnuchin said las
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Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: yun li, tj kirkpatrick, bloomberg, getty images
Keywords: news, cnbc, companies, week, wide, tariffs, trade, xi, deadline, kudlow, deal, china, talks, stick, chinese, worked, trump


Trump says he may not stick to March deadline on China tariffs

When asked if he will meet Chinese President Xi Jinping at the end of March, Trump said, “Not at this point.”

The March 2 deadline is crucial in the negotiations as U.S. tariffs on Chinese goods will increase if a deal is not struck before then. Treasury Secretary Steven Mnuchin along with U.S. Trade Representative Robert Lighthizer headed to Beijing this week for another round of talks with Vice Premier Liu He. The trade talks still seemed far apart as the two sides have not even drafted an accord specifying the matters they agree and disagree on.

White House economic advisor Larry Kudlow said Thursday that there is a “pretty sizable distance to go” before China and the U.S. reach a deal. Kudlow also indicated, however, that Trump is “optimistic with respect to a potential trade deal.”

Mnuchin said last week the talks have been “very productive,” although he noted that a “wide range of issues” remains to be worked out.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: yun li, tj kirkpatrick, bloomberg, getty images
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Trump says he may not stick to March deadline on China tariffs

When asked if he will meet Chinese President Xi Jinping at the end of March, Trump said, “Not at this point.” The March 2 deadline is crucial in the negotiations as U.S. tariffs on Chinese goods will increase if a deal is not struck before then. The trade talks still seemed far apart as the two sides have not even drafted an accord specifying the matters they agree and disagree on. Kudlow also indicated, however, that Trump is “optimistic with respect to a potential trade deal.” Mnuchin said las


When asked if he will meet Chinese President Xi Jinping at the end of March, Trump said, “Not at this point.” The March 2 deadline is crucial in the negotiations as U.S. tariffs on Chinese goods will increase if a deal is not struck before then. The trade talks still seemed far apart as the two sides have not even drafted an accord specifying the matters they agree and disagree on. Kudlow also indicated, however, that Trump is “optimistic with respect to a potential trade deal.” Mnuchin said las
Trump says he may not stick to March deadline on China tariffs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: yun li, tj kirkpatrick, bloomberg, getty images
Keywords: news, cnbc, companies, week, worked, china, stick, tariffs, deal, xi, deadline, trump, trade, talks, chinese, kudlow, wide


Trump says he may not stick to March deadline on China tariffs

When asked if he will meet Chinese President Xi Jinping at the end of March, Trump said, “Not at this point.”

The March 2 deadline is crucial in the negotiations as U.S. tariffs on Chinese goods will increase if a deal is not struck before then. Treasury Secretary Steven Mnuchin along with U.S. Trade Representative Robert Lighthizer headed to Beijing this week for another round of talks with Vice Premier Liu He. The trade talks still seemed far apart as the two sides have not even drafted an accord specifying the matters they agree and disagree on.

White House economic advisor Larry Kudlow said Thursday that there is a “pretty sizable distance to go” before China and the U.S. reach a deal. Kudlow also indicated, however, that Trump is “optimistic with respect to a potential trade deal.”

Mnuchin said last week the talks have been “very productive,” although he noted that a “wide range of issues” remains to be worked out.


Company: cnbc, Activity: cnbc, Date: 2019-02-12  Authors: yun li, tj kirkpatrick, bloomberg, getty images
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Dow drops more than 350 points as sources tell CNBC Trump-Xi meeting unlikely before deadline

The Dow Jones Industrial Average dropped 373 points, while the S&P 500 and Nasdaq Composite both fell more than 1.5 percent. CNBC learned through a source that a meeting between the two leaders was “highly unlikely.” These companies’ stocks are seen as bellwethers for global trade given their exposure to overseas markets. The European Commission slashed its growth outlook for the euro zone this year as it expects the bloc’s largest economies to be held back by global trade tensions, among other


The Dow Jones Industrial Average dropped 373 points, while the S&P 500 and Nasdaq Composite both fell more than 1.5 percent. CNBC learned through a source that a meeting between the two leaders was “highly unlikely.” These companies’ stocks are seen as bellwethers for global trade given their exposure to overseas markets. The European Commission slashed its growth outlook for the euro zone this year as it expects the bloc’s largest economies to be held back by global trade tensions, among other
Dow drops more than 350 points as sources tell CNBC Trump-Xi meeting unlikely before deadline Cached Page below :
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Dow drops more than 350 points as sources tell CNBC Trump-Xi meeting unlikely before deadline

Why this trader technician says the market could be flashing a sell signal 4 Hours Ago | 05:21

Stocks fell sharply on Thursday after CNBC reported that a meeting between President Donald Trump and Chinese President Xi Jinping is unlikely before a key March deadline.

The Dow Jones Industrial Average dropped 373 points, while the S&P 500 and Nasdaq Composite both fell more than 1.5 percent. The major averages fell to their lows of the day on the news.

CNBC learned through a source that a meeting between the two leaders was “highly unlikely.” China and the U.S. have until the start of March to strike a trade deal. Otherwise, additional tariffs on Chinese goods take effect. The source said a meeting between Xi and Trump could happen shortly after the deadline passes, but noted both sides have too much work ahead of them.

Earlier on Thursday, White House economic advisor Larry Kudlow said China and the U.S. were still far away on striking a trade deal. “We’ve got a pretty sizable distance to go here,” Kudlow told Fox Business, referring to the ongoing trade talks between the two largest world economies. Kudlow added President Donald Trump is “optimistic with respect to a potential trade deal.”

“The keystone in the wall of worry is the trade discord,” said Sam Stovall, chief investment strategist at CFRA Research. “Should the negotiations crumble so too will near term support for equity prices.”

Shares of Caterpillar and Deere fell 2 percent and 1.8 percent, respectively. Boeing also dropped about 1 percent. These companies’ stocks are seen as bellwethers for global trade given their exposure to overseas markets.

The market was already on edge as worries about the global economy were rekindled. The European Commission slashed its growth outlook for the euro zone this year as it expects the bloc’s largest economies to be held back by global trade tensions, among other issues. The Commission said euro zone growth will slow to 1.3 percent this year from 1.9 percent in 2018, before rebounding in 2020 to 1.6 percent.

That growth outlook sparked worries that the global economy could be slowing down. Similar fears contributed to the market’s sharp downturn in December. That decline briefly sent the S&P 500 into bear-market territory on an intraday basis.

The Bank of England also cut its 2019 outlook and sees the UK economy growing at its slowest pace since 2009.

Thursday’s decline comes as the corporate earnings season continues. Twitter reported quarterly earnings that beat analyst expectations on Thursday. However, shares of the social media company fell 10.6 percent as Twitter also issued light guidance. Fiat Chrysler and Cardinal Health are also among the companies that reported better-than-expected earnings.


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: fred imbert
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Kudlow: There’s ‘a pretty sizable difference’ before a China trade deal happens

White House economic advisor Larry Kudlow said Thursday that the administration is hoping for a trade agreement with China but much work remains before anything is finalized. “The president has indicated that he’s optimistic with respect to a potential trade deal,” Kudlow, director of the National Economic Council, said on Fox Business. However, Mnuchin also said a “wide range of issues” remains to be worked out. “We covered a tremendous amount of ground and all the major issues,” he said. Presi


White House economic advisor Larry Kudlow said Thursday that the administration is hoping for a trade agreement with China but much work remains before anything is finalized. “The president has indicated that he’s optimistic with respect to a potential trade deal,” Kudlow, director of the National Economic Council, said on Fox Business. However, Mnuchin also said a “wide range of issues” remains to be worked out. “We covered a tremendous amount of ground and all the major issues,” he said. Presi
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Kudlow: There's 'a pretty sizable difference' before a China trade deal happens

White House economic advisor Larry Kudlow said Thursday that the administration is hoping for a trade agreement with China but much work remains before anything is finalized.

“The president has indicated that he’s optimistic with respect to a potential trade deal,” Kudlow, director of the National Economic Council, said on Fox Business. “But we’ve got a pretty sizable distance to go here.”

The comments coincided with a sharp drop in the stock market that sent the Dow industrials down more than 200 points as Wall Street waits to see whether Washington and Beijing can meet a March 2, when another round of tariffs could be levied.

Kudlow’s comments tempered a statement Wednesday from Treasury Secretary Steven Mnuchin, who told CNBC that the talks with China have been “very productive.” However, Mnuchin also said a “wide range of issues” remains to be worked out.

Mnuchin along with U.S. Trade Representative Robert Lighthizer will head to Beijing next week for another round of talks with Vice Premier Liu He.

Kudlow characterized previous talks involving the three leaders as having “a good vibe to them.”

“We covered a tremendous amount of ground and all the major issues,” he said. “All of those things are on the table and discussed in some detail. I think those conversations are going to continue.”

The two sides are working on a number of issues, in particular opening China to more American products and halting forced technology transfers from U.S. companies. President Donald Trump has set reducing the trade deficit between the U.S. and China as a major economic priority.


Company: cnbc, Activity: cnbc, Date: 2019-02-07  Authors: jeff cox
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White House advisor Larry Kudlow says taxing rich people never works: ‘Look at Venezuela’

White House economic advisor Larry Kudlow implied Friday that Democratic proposals to increase taxes on the wealthiest Americans could lead to economic troubles akin to those in Venezuela. It never works,” Kudlow told Fox Business. Ocasio-Cortez was joined in her call for higher taxes on the wealthy by Sen. Elizabeth Warren, D-Mass., who proposed a “wealth tax” on some of the richest Americans. The Massachusetts senator’s wealth tax proposal is expected to apply to less than 0.1 percent of U.S.


White House economic advisor Larry Kudlow implied Friday that Democratic proposals to increase taxes on the wealthiest Americans could lead to economic troubles akin to those in Venezuela. It never works,” Kudlow told Fox Business. Ocasio-Cortez was joined in her call for higher taxes on the wealthy by Sen. Elizabeth Warren, D-Mass., who proposed a “wealth tax” on some of the richest Americans. The Massachusetts senator’s wealth tax proposal is expected to apply to less than 0.1 percent of U.S.
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White House advisor Larry Kudlow says taxing rich people never works: 'Look at Venezuela'

White House economic advisor Larry Kudlow implied Friday that Democratic proposals to increase taxes on the wealthiest Americans could lead to economic troubles akin to those in Venezuela.

“Taxing rich people – that’s an old saw from the left. It never works,” Kudlow told Fox Business. “I don’t know how these elections and nominations and candidacies will play out. I mean, look at Venezuela – it’s an absolute catastrophe. They taxed rich people, they taxed everybody and they have equality of sorts – everybody’s poor.”

Kudlow, Director of President Donald Trump’s National Economic Council, was likely referring to freshman Rep. Alexandria Ocasio-Cortez’s proposal for a 70 percent marginal rate on those with incomes above $10 million. Ocasio-Cortez was joined in her call for higher taxes on the wealthy by Sen. Elizabeth Warren, D-Mass., who proposed a “wealth tax” on some of the richest Americans.

The Massachusetts senator’s wealth tax proposal is expected to apply to less than 0.1 percent of U.S. households, and would raise $2.75 trillion over 10 years, economist Emmanuel Saez told CNBC.

Kudlow added that such attempts to remedy economic inequality with higher taxes on society’s wealthiest individuals “never works” and would be a “non-starter.” The longtime conservative commentator said that he’d rather see broader prosperity by other means, but that aggressive tax plans proposed by Warren and Ocasio-Cortez would depress the nation’s gross domestic product, GDP.

“The top 1 percent of Americans pay 37 percent of all the income taxes, OK? And the top 1 percent basically pays more than the lowest 90 percent, so who’s carrying the freight here?” Kudlow added. “The most successful are not only paying their fair share, they’re paying the most. By far.”

A progressive tax system — like that used in the United States — is one that imposes a lower tax rate on households and individuals that earn less money compared to those with a higher income. Such systems take a larger percentage of total revenues from high-income earners than it does from low-income individuals.


Company: cnbc, Activity: cnbc, Date: 2019-02-01  Authors: thomas franck, getty images
Keywords: news, cnbc, companies, higher, look, wealth, tax, house, white, larry, economic, taxing, kudlow, individuals, works, warren, taxes, wealthiest, venezuela, advisor, rich


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