Anthony Scaramucci, the outspoken investment banker and former White House Communications Director, criticized the Trump administration's enduring trade disputes, arguing the tariffs ultimately hurt the American people.
"The current trade war and the strategy of using tariffs is a flawed strategy," Scaramucci told Cheddar on Tuesday.
Scaramucci said that tariffs, which are essentially taxes, especially hurt Americans making less that $100,000 annually. "They eat up their living standards," he said.
Scaramucci is a prominent New York financier and the founder of Skybridge Capital. He served a brief stint as White House Communications Director in 2017, which gave him what he called an "11-day PhD" on Washington culture. His tenure was cut extremely short after he gave an interview to The New Yorker in which he criticized other members of the administration with expletives and derogatory language.
"By using the tariffs, you have this effect of slowing down the economy and creating a level of unpredictability for CEOs large and small around America," Scaramucci said.
Since taking office, Trump has threatened punitive tariffs against several countries ranging from Mexico to India. The White House most notably implemented tariffs on $250 billion worth of Chinese imports in 2018, and has threatened to levy more on an addition $300 billion worth of goods.
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Board members picked by Florida Gov. Ron DeSantis to oversee the governance of Walt Disney World said Wednesday that their Disney-controlled predecessors pulled a fast one on them by passing restrictive covenants that strip the new board of many of its powers.
The federal government has filed a lawsuit against railroad Norfolk Southern over environmental damage caused by a train derailment on the Ohio-Pennsylvania border that spilled hazardous chemicals.
Richard Branson's Virgin Orbit is letting go of almost its entire work force with the satellite launch company finding it difficult to secure funding three months after a failed mission.
The Federal Reserve’s favored inflation gauge slowed sharply last month, an encouraging sign in the Fed’s yearlong effort to cool price pressures through steadily higher interest rates.
