Cohn’s replacement is the next big White House question, and the loonie hangs in the balance

Peter Navarro would be bearish for Canada

Peter Navarro is the architect and driving force behind the latest round of tariffs on steel and aluminum. He’s a trade hawk and his appointment to Gary Cohn’s job would be a negative sign for stock markets and the Canadian dollar.

Axios reports that Navarro is telling associates he wants Cohn’s old job.

«Sources familiar with Navarro’s thinking tell me he believes there are too many people inside the White House perimeter who oppose the president’s agenda. Cohn, in particular, obstructed Navarro, telling colleagues that the nationalist trade adviser had no idea what he was doing, had no grasp of economics, and constantly «lied» to the president,» the report says.

Reportedly, Trump loves Navarro but we know that Congress doesn’t. Cohn made a push for Shahira Knight on the way out the door.

What’s especially notable about Navarro is that perhaps the top target of his ire is Canada. He strongly believes that Canada has exploited trade with the United States and that needs to be corrected.

So the trade is clear: If Navarro gets Cohn’s old job, sell the Canadian dollar.

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