WASHINGTON — President Donald Trump plans to name longtime supporter Larry Kudlow as his top economic adviser, sources told CNBC Wednesday.
Kudlow would replace National Economic Council Director Gary Cohn, who resigned earlier this month after clashing with the president over controversial steel and aluminum tariffs. Kudlow also was not a fan of the policy, although Trump said Tuesday that “he has now come around to believing in tariffs as a negotiating point.”
CNBC: Trump to name Larry Kudlow WH economic adviser
The announcement of Kudlow’s new position could come as soon as Thursday, according to CNBC, which first reported the news. Kudlow is a CNBC senior contributor and frequently appears on air.
Kudlow brings Wall Street, government, and media experience to the post — and, perhaps most importantly, a long-standing personal relationship with Trump.
He served in the Reagan administration as an economic advisor on budget policy, later moving back to Wall Street as a senior managing director of Bear Stearns, an investment banking firm.
In recent years, Kudlow was privately an adviser, and publicly a defender, of Trump both before and after Election Day. During Trump’s 2016 presidential run, he sometimes publicly thanked “the great Larry Kudlow” for his support on various economic policies laid out during the race, using the well-known economist to buoy and validate his positions.
On the South Lawn of the White House Tuesday, just hours after the surprise firing his secretary of state, Rex Tillerson, Trump praised Kudlow as “a friend of mine for a long time” and told reporters that he “has a very good chance” of taking the administration’s top economic spot.
The move to install Kudlow comes amid the departures of multiple other key players from Trump’s White House.
This is a developing story.