The president’s chief economic adviser, Gary Cohn, told CNBC on Tuesday that the administration needs to “get it right” on tech policies, while tech lobbyists are bracing for a new round of Trump’s war on the tech industry.
“The tech industry is not going away,” Cohn said in an interview with CNBC’s “Squawk Box.”
“We need all the tools we can to protect them.”
The administration has already started pushing back against tech companies, with Trump attacking the tech sector as “a menace to our economy,” and saying it is responsible for “killing” American jobs.
In addition to Cohn, who is Trump’s senior economic adviser and the president’s senior policy adviser, White House Chief of Staff Reince Priebus is expected to head the Office of American Innovation.
The Trump administration has long sought to cut off any business incentives to companies that are found to be hurting the economy.
The president, who has been under intense pressure to overhaul the U.S. tax code, also threatened to impose a tax on tech companies that pay less than 15% of their revenue from U.N. tech aid.
On Tuesday, the president said the U-S-Bahn system is working “exactly” as designed.
“It’s working perfectly fine, as you know,” he said.
“But the system, you know, it’s been working fine for a very long time.
It’s not working for everybody.”
While the president has said that the tax on U.K.-based tech companies would be repealed, he has said repeatedly that he would like to see the tax “dampened a little bit.”
But Trump has also made clear that he wants the U.-S-Bank system to work as it is.
“I would like it to be watered down, but not totally wiped out,” he told reporters in Washington on Tuesday.
“I’d like it watered down a little more than it’s right now.”
Cohn has repeatedly told the Washington Post that he believes the tax is the most effective way to combat the tech-industry threat.
“This is the way we should work,” Cohn told the newspaper, adding that it is “a very small, small fraction of the money that the UBS Group [of banks] makes every day.”
“It is a very small portion of the $2.5 trillion that’s sitting there,” he added.