Hours after President Trump said Sunday he had "second thoughts" about escalating the trade war with China, the White House sought to explain his remark because it was...Politicsread more
Clouding the G-7 gathering, which represents the world's major industrial economies, are the tit-for-tat tariffs between Washington and Beijing.Politicsread more
President Donald Trump said that he would have a major trade deal with U.K. after it leaves the European Union.Politicsread more
Despite Kudlow's expectations, China said on Saturday that it strongly opposes Trump's decision to levy additional tariffs on $550 billion worth of Chinese goods, and warned...Politicsread more
President Donald Trump said Sunday he was not happy after North Korea launched short-range ballistic missiles over the weekend.Politicsread more
Carl Medlock used to work at Tesla. Now he's one of the few people in the U.S. that can fix the company's original Roadster electric vehicles.Technologyread more
The Goldman Sachs technology M&A team, led by Sam Britton, has cashed in on its software focus and decades of experience to dominate 2019's biggest deals.Technologyread more
American small and medium-size companies that rely on China are scrambling to adjust their business plans in response to the escalating trade war.Traderead more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
The summit comes amid fears over a global economic slowdown, and U.S. tensions over trade allies, Iran and Russia.Politicsread more
The world's second biggest economy is past a point where it cannot ignore its enormous debt anymore, according to an analyst.China Economyread more
"I kind of contrast Donald Trump with Ronald Reagan," Cooperman, chairman and CEO of the Omega Advisors hedge fund, which has about $3.8 billion in assets under management, said on "Fast Money Halftime Report. " "When Ronald Reagan ran for president, he said, 'I'm going to get the government off the backs of the people. And I'm going to do that by reducing regulation and reducing taxes.'"
"Ditto for President Trump," Cooperman said.
"[Reagan] said, 'I'm going to restore the lost prestige of the United States of America. And I'm going to do that by basically building out defense capability,'" Cooperman recalled.
"Ditto for Trump," the hedge fund chief said.
But Cooperman indicated that Trump may also face problems in an area that Reagan was not able to execute on either. "Reagan also said ... he was going to balance the budget. What he found out very quickly is you can't rebuild defense, cut taxes, reduce regulation and balance the budget."
"[Reagan] said the hell with the budget, and he bankrupted the Soviet Union," Cooperman said.
While the ramifications of Trump's policies remain to be seen, Cooperman said, "The fiscal package we put in place runs significant risks, but not a 2018 risk — 2019, 2020 and beyond."
The economy was doing well and did not need a lot of near-term stimulus, he said. "So we run the risk of an inflation surprise," which could lead to the Federal Reserve acting more forcefully to increase interest rates. The latest projections from the Fed called for three rate hikes in 2018 following the three from last year.
Trump's buy American push could also lead to higher inflation because some of the goods can be made cheaper overseas, Cooperman said.
Many analysts said concern about inflation finally picking up and what central bankers might do about it started the avalanche of stock market selling Friday, which turned into an ugly Monday and crazy volatility. Wall Street rebounded some on Tuesday and was heading for more gains on Wednesday.
Cooperman said he thinks the president's "economic ideas are good," but added Trump's "deportment is somewhat different" than he would like. "We have an unconventional president who likes to tweet."