Former top economic adviser Gary Cohn says U.S. is still ‘open for business’ in spite of Trump tariffs

Former top White House economic adviser Gary Cohn, widely believed to have parted ways with President Donald Trump over the issue of trade tariffs, told MSNBC in Davos, Switzerland, on Thursday that it’s no less true today than when he proclaimed it so a year ago at the World Economic Forum that "the United States is open for business." He conceded, however, that it’s the American consumer, rather than the importers of goods to the U.S., who are paying for the increased tariffs. "It’s a consumption tax," he said. Trump has represented proceeds of the tariffs as pouring into the U.S. from affected trade partners. The Goldman Sachs GS, +0.63% veteran defended the 2017 tax overhaul, criticized as serving the interests of companies and the richest Americans but doing little for those on lower rungs of the U.S.’s economic ladder, as "very good" but "not perfect."

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