The Globalists Have Fallen
Bloomberg Businessweek Middle East|16 March, 2018

When the Dow Jones industrial average closed at a record high on Jan. 26, it looked like the reigning wisdom about Donald Trump and his presidency might be all wrong: Trump had sold himself to voters as a fire-breathing nationalist eager to rip up trade deals, stick it to Wall Street, and impose Steve Bannon-style protectionism. But Bannon was gone, stocks were booming, and ex-Wall Street luminaries such as Gary Cohn and Dina Powell appeared to have the upper hand in the White House following the passage of tax reform. Trump seemed to revel in his unexpected status as hero of the business community and the reassessments it prompted. That same day, he returned from overseas to a triumphant headline in the New York Times: “Trump Arrived in Davos as a Party Wrecker. He Leaves Praised as a Pragmatist.”

Robert Schmidt, Jennifer Jacobs, Margaret Talev, & Max Abelson
The Globalists Have Fallen

The glow of success fell especially brightly on Cohn, the director of the National Economic Council, who was widely seen as a primary architect, and chief beneficiary, of Trump’s string of victories. He seemed ticketed for bigger things. Privately, Trump discussed making him his next chief of staff.

But appearances can deceive. Six weeks later the globalist glow has vanished, Trump has reverted to his nationalist impulses with the steel and aluminum tariffs, the White House is once again in turmoil—and Cohn is on his way out the door. On March 6, after a bitter internal dispute over tariffs, he announced he was resigning. Cohn, a Democrat who strongly favoured free trade, said in a statement that it had been an “honour to serve my country and enact progrowth economic policies” and thanked Trump for giving him the opportunity. Markets were spooked by the whiplash. As Cowen Inc. analyst Chris Krueger wrote in a note to clients, “Wall Street just lost its security blanket.”

Trump’s presidency has been marked by seasons of chaos and calm that have yielded policies that swing between globalist and nationalist. These outcomes are often driven by his mood and the staff surrounding him. In the administration’s tumultuous early days, the nationalist faction led by Bannon and Stephen Miller routinely bypassed the agency process to enact such measures as the travel ban on visitors from seven Muslim-majority countries, reflecting Trump’s stance on immigration. When this ad hoc approach failed to yield satisfying results, Bannon and his crew were ushered out, and the nature of how the White House functioned changed. 

Denne historien er fra 16 March, 2018-utgaven av Bloomberg Businessweek Middle East.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra 16 March, 2018-utgaven av Bloomberg Businessweek Middle East.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA BLOOMBERG BUSINESSWEEK MIDDLE EASTSe alt
Golfing With The Enemy
Bloomberg Businessweek Middle East

Golfing With The Enemy

Did Donald Trump's executives violate the Cuban embargo?

time-read
10+ mins  |
August 16, 2016
Super-Rich Syrians Wait for War's End
Bloomberg Businessweek Middle East

Super-Rich Syrians Wait for War's End

Actor, author, playwright. Gill Pringle tries her hand at unravelling the mystery behind this enigmatic multi-hyphenate

time-read
10+ mins  |
July 01, 2016
Pam Codispoti
Bloomberg Businessweek Middle East

Pam Codispoti

The mastermind behind the industry-shaping Chase Sapphire Reserve Card sets her sights on banking

time-read
2 mins  |
January 16, 2018
This Time It's The Economy
Bloomberg Businessweek Middle East

This Time It's The Economy

President Rouhani’s budget sets offprotests from people angry about unemployment and inflation

time-read
5 mins  |
January 16, 2018
Saudi Prince Counts On Support Of Citizens
Bloomberg Businessweek Middle East

Saudi Prince Counts On Support Of Citizens

State-worker salary increases appeal to the people, but policy may throw the budget off track

time-read
3 mins  |
January 16, 2018
Stalin's Legacy Is Choking The Ukrainian Economy
Bloomberg Businessweek Middle East

Stalin's Legacy Is Choking The Ukrainian Economy

The government has resisted pressure to lift a ban on land sales, despite pressure from the IMF and investors

time-read
4 mins  |
January 16, 2018
Catastrophe Bonds Survive A Stormy Year
Bloomberg Businessweek Middle East

Catastrophe Bonds Survive A Stormy Year

The turbulence of 2017 couldn’t destroy a market for betting against disasters

time-read
3 mins  |
January 16, 2018
Riding The West Bank's Credit Boom
Bloomberg Businessweek Middle East

Riding The West Bank's Credit Boom

Increased consumer lending is creating a bubble in the West Bank

time-read
3 mins  |
January 16, 2018
You'd Be Crazy To Buy Pizza With Bitcoin
Bloomberg Businessweek Middle East

You'd Be Crazy To Buy Pizza With Bitcoin

Speculative fervour makes the cryptocurrency clumsy for commerce

time-read
3 mins  |
January 16, 2018
What If The President Loses His Party?
Bloomberg Businessweek Middle East

What If The President Loses His Party?

Trump has to figure out a way to work with Republicans in Congress, or the global economy may be at stake

time-read
6 mins  |
August 16, 2017