Remember when Trump said he'd put Carl Icahn in charge of China?

Remember when Trump said he'd put Carl Icahn in charge of China?

by digby




He did:


TRUMP: We have to start creating jobs. We have to start creating wealth. We all go to good schools. I go to grade schools, you go to grade -- you don't have to be even a smart -- you don't have to be the greatest student to know when Ford builds this massive plant to build cars and they bring them back into our country, no tax, we get nothing. We get nothing.

They leave Michigan the other night. Unbelievable people. We have an unbelievable crowd. They leave Michigan. They take them out of Detroit and all over the place. And they go to Mexico. There's no way that helps us. And you're going to have to do something with the tariff at the border.

If they're going to make cars over there, if they're going to leave the United States give great jobs for Mexico and not the United States, you know what, it's fine. But they have to pay some kind of a price.

We are getting killed on trade.

CUOMO: All right. Let me go back...

TRUMP: And interestingly, Carl Icahn agrees with me. And Carl Icahn, you know, is a great negotiator and I have many other great negotiators and they are dying to get involved.

CUOMO: But you wouldn't really put him in-charge of China?

TRUMP: I would absolutely.

CUOMO: In-charge of China?

TRUMP: Can I tell you what...

CUOMO: Please, because you know what makes people think -- it's like...

TRUMP: ... in-charge of China.

CUOMO: ... this is not a business, it's a whole political governmental thing.

TRUMP: No, no, no. It's a business too. Hey, you can come up with me in this building you'll see the largest bank in the world from China is in this -- I have a great relationship with China just like I do with Mexico.

CUOMO: Right. But don't we need diplomacy in all of the policy...

TRUMP: No. We have diplomacy now. They're killing us and they don't even like us. So we have diplomacy. So we're diplomatic. They don't like us and they're beating us. With me, they'll like us and we'll beat them. OK?

CUOMO: The...

TRUMP: You know, how do I have the biggest bank as my tenant? I mean they're tenants and I have them in order branch (ph). China -- I sell tremendous numbers of units, apartments to people from China. They love me. A Business Weekend story, "What are the 10 things that the Chinese most want?" One of the 10 things was anything Trump. And I say, "Really is that right?"

They respect the truth. They understand they're ripping us off. I take a guy like Carl Icahn, you take Henry Kravis, you take so many of the guys that I know, and you say, "You know what? I'd like you to watch over the deals that are being made with China because we're getting killed on trade."

Believe me, we will be so good. You should get a guy like Carl on, very smart, great negotiator. We will be so good.

CUOMO: DO you think he'll take a job like that?

TRUMP: He'll do it in two seconds. He's already told me he'd love to do it.

He later tapped Icahn to be one of his advisers but Icahn moved on.They remain good pals. And guess what?

Billionaire investor and longtime Trump confidant Carl Icahn dumped $31.3 million of stock in a company heavily dependent on steel last week, just days before Trump announced plans to impose steep tariffs on steel imports.

In a little-noticed SEC filing submitted on February 22, 2018, Icahn disclosed that he systematically sold off nearly 1 million shares of Manitowoc Company Inc. Manitowoc is a “is a leading global manufacturer of cranes and lifting solutions” and, therefore, heavily dependent on steel to make its products.

The filing came just seven days before a White House event where Trump announced his intention to impose a 25 percent tariff on steel imports.

Trump’s announcement rattled the markets, with steel-dependent stocks hardest hit. Manitowoc stock plunged, losing about 6 percent of its value. Reuters attributed the drop to the fact that Manitowoc is a “major consumer of steel.” As of 10:20 a.m. Friday, the stock had lost an additional 6 percent, trading at $26.21.

Icahn was required to make the disclosure because of the large volume of his sale. The filing reveals that he began systematically selling the stock on February 12, when he was able to sell the stock for $32 to $34.

I'm sure it's all a coincidence.


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