Trump expected to name Philipson as top economic adviser -Politico

Trump
Trump

President DonaldTrump is expected to name Tomas Philipson, a former University of Chicagoprofessor and health economics expert, as the next chairman of the Council ofEconomic Advisers to replace outgoing Kevin Hassett, Politico reported onFriday.

Philipson alreadyserves as a member of the three-person council and would replace Hassett as thechairman of the panel. His nomination would have to be confirmed by the U.S.Senate.

Trump said on Sunday that Hassett would be leaving the White House "shortly." Hassett later told CNBC that his departure from the post had been in the works for some time and was not linked to Trump's recent threat to impose tariffs on Mexico.

If approved for theposition, Philipson would take over at a critical time for the economy. Trumpis threatening to impose tariffs on Mexico unless it takes action to curbmigrant flows to the southern U.S. border, and he is engaged in a trade disputewith China that threatens U.S. economic growth.

New U.S. jobs figures on Friday showed job growth slowed sharply in May and wages rose less than expected, raising concerns that the loss of momentum in economic activity could be spreading to the labor markets. That could put pressure on the Federal Reserve to cut interest rates this year.

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