With President Trump announcing an additional ten percent tariff on $300 billion of Chinese products, the Chamber of Commerce worm, Tom Donohue, comes out to oppose.
An interesting juxtaposition between two interviews. The first with National Economic Council Director Larry Kudlow, and the counter point by CoC President Dohohue:
In the next interview Donohue surfaces… he has no choice. Tom Donohue is paid tens of millions by the Wall Street multinationals to retain the current exploitative system of global trade. Donohue has no influence over President Trump.
In the Clinton/Clinton, Bush/Bush, Obama/Obama terms, Tom Donohue was allowed to purchase control, and write the trade language that perpetuated the benefit to those who paid him for trade policy. Three administration’s sub-contracted the work to the CoC.
As a consequence, over the past 25 years the Chamber of Commerce actually wrote the rules, regulations, language and details within the trade deals. That language was written by the CoC to the benefit of those who paid for the terms (Wall Street Corporations) regardless of impact to the U.S. economy or worker.
President Trump stopped this process.
President Trump’s economic team (USTR and Commerce) took back control over the trade negotiation process, and only the U.S. economic team writes the trade language. Wall Street has been cut out of the process. This is the reason for so much of the anger directed toward President Trump and the global trade reset.