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Gary D. Cohn, President Trump’s top economic adviser, said on Tuesday that he would resign, becoming the latest in a series of high-profile departures from the Trump administration.
White House officials insisted that there was no single factor behind the departure of Mr. Cohn, who heads the National Economic Council. But his decision to leave came as he seemed poised to lose an internal struggle over Mr. Trump’s plan to impose large tariffs on steel and aluminum imports. Mr. Cohn had warned last week that he might resign if Mr. Trump followed through with the tariffs, which Mr. Cohn had lobbied against internally.
...
Mr. Cohn is expected to leave in the coming weeks. He will join a string of recent departures by senior White House officials, including Mr. Trump’s communications director and a powerful staff secretary.
Yet the departure of Mr. Cohn, a free-trade-oriented Democrat who fended off a number of nationalist-minded policies during his year in the Trump administration, could have a ripple effect on the president’s economic decisions and on the financial industry.
It leaves Mr. Trump surrounded primarily by advisers with strong protectionist views who advocate the types of aggressive trade measures, like tariffs, that Mr. Trump campaigned on but that Mr. Cohn fought inside the White House. Mr. Cohn was viewed by Republican lawmakers as the steady hand who could prevent Mr. Trump from engaging in activities that could trigger a trade war.
Even the mere threat, last August, that Mr. Cohn might leave sent the financial markets tumbling. On Tuesday, Mr. Cohn’s announcement rattled markets, and trading in futures pointed to a decline in the United States stock market when it opened on Wednesday.
https://www.nytimes.com/2018/03/06/us/politics/gary-cohn-resigns.html
White House officials insisted that there was no single factor behind the departure of Mr. Cohn, who heads the National Economic Council. But his decision to leave came as he seemed poised to lose an internal struggle over Mr. Trump’s plan to impose large tariffs on steel and aluminum imports. Mr. Cohn had warned last week that he might resign if Mr. Trump followed through with the tariffs, which Mr. Cohn had lobbied against internally.
...
Mr. Cohn is expected to leave in the coming weeks. He will join a string of recent departures by senior White House officials, including Mr. Trump’s communications director and a powerful staff secretary.
Yet the departure of Mr. Cohn, a free-trade-oriented Democrat who fended off a number of nationalist-minded policies during his year in the Trump administration, could have a ripple effect on the president’s economic decisions and on the financial industry.
It leaves Mr. Trump surrounded primarily by advisers with strong protectionist views who advocate the types of aggressive trade measures, like tariffs, that Mr. Trump campaigned on but that Mr. Cohn fought inside the White House. Mr. Cohn was viewed by Republican lawmakers as the steady hand who could prevent Mr. Trump from engaging in activities that could trigger a trade war.
Even the mere threat, last August, that Mr. Cohn might leave sent the financial markets tumbling. On Tuesday, Mr. Cohn’s announcement rattled markets, and trading in futures pointed to a decline in the United States stock market when it opened on Wednesday.
https://www.nytimes.com/2018/03/06/us/politics/gary-cohn-resigns.html
