Larry Kudlow has accepted the job as President Donald Trump's top economic adviser.
When Trump called Kudlow Tuesday night asking him to become the next director of the National Economic Council, Kudlow replied, "Yes, I'm honored," Kudlow told CNBC Wednesday.
"Larry Kudlow was offered, and accepted, the position of Assistant to the President for Economic Policy and Director of the National Economic Council," White House Press Secretary Sarah Huckabee Sanders said in a statement. "We will work to have an orderly transition and will keep everyone posted on the timing of him officially assuming the role."
Kudlow is meeting with Trump on Thursday, he said. Kudlow would replace former Goldman Sachs (GS - Get Report) executive Gary Cohn who left last week after losing his fight against steel and aluminum tariffs.
Kudlow, who is a senior contributor to CNBC and helped craft economic policy during the Reagan administration, supported the recent tax reform. He is also an advocate for free trade and generally opposes tariffs.
The president, who is reportedly eyeing more tariffs, said Tuesday that he would welcome disagreement from Kudlow if he chose him for the post.
"We don't agree on everything, but in this case, I think that's good," Trump said. "I want to have different opinions. We agree on most. He now has come around to believing in tariffs as a negotiating point."
Trump and Kudlow are set to meet in Washington on Thursday, when Trump could formally announce the appointment, according to the Washington Post.
But the news of Kudlow potential appointment is receiving mixed reviews.
TheStreet founder Jim Cramer said Kudlow "is a patriot that will do what's right for the most Americans possible."
Cramer also said in a note to Action Alerts PLUS subscribers that Kudlow's "stance of global trade attitude combined with a targeted approach should ease concerns of extended tariffs across the board."
Meanwhile, economist Paul Krugman, who won a Nobel Prize in Economics, expressed his disapproval over Twitter.
OK, so it's Kudlow for top economic adviser. At least he's reliable -- that is, he's reliably wrong about everything. We all make mistakes, but if Kudlow says it, you know it won't happen https://t.co/SREfSH7B7z— Paul Krugman (@paulkrugman) March 14, 2018
Given the numerous White House departures as of late, Mark Hamrick, Bankrate.com's senior economic analyst, said one has to credit either Kudlow's optimism or sense of patriot duty.
"It remains to be seen whether Kudlow can step into the role of a virtual moderating influence in this administration," Hamrick said. "Unlike others in this White House, he does have experience in government and the private sector. But unlike television where on-air conflict is sometimes mostly for show, the health of the national and global economy is at stake here."
-- This story has been updated to include additional commentary.
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