Top Economic Adviser Gary Cohn resigns his position as Head of U.S. National Economic Council after disputed with Trump over Import Tariffs on Steel and Aluminum
Tuesday, March 06, 2018
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| President Trump and Top Economic Adiver Gary Cohn |
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| FILE PHOTO - Director of the National Economic Council Gary Cohn speaks during an event to introduce the Republican tax reform plan at the U.S. Capitol in Washington, U.S., November 9, 2017. REUTERS/Aaron P. Bernstein |
VietPress USA (Mar. 6, 2018): During the period of Tax reform, President Trump's statement published on The New York Times as "“Gary has been my chief economic adviser and did a superb job in driving our agenda, helping to deliver historic tax cuts and reforms and unleashing the American economy once again.”
“He is a rare talent, and I thank him for his dedicated service to the American people.”
Today Gary Cohn, Top Economic Adviser declares to resign his position as head of the National Economic Council. The New York Times reported Tuesday that Gary Cohn is leaving his position after Trump announced new import tariffs on steel at 25% and aluminum at 10%.
Read this news from Reuters on Yahoo News at:
VietPress USA News
Trump economic adviser Cohn quits after dispute over tariffs
WASHINGTON (Reuters) - Top White House economic adviser Gary Cohn, a Wall Street banker who opposes hefty steel and aluminum tariffs planned by U.S. President Donald Trump, said on Tuesday that he was resigning.
"It has been an honor to serve my country and enact pro-growth economic policies to benefit the American people, in particular the passage of historic tax reform. I am grateful to the President for giving me this opportunity and wish him and the Administration great success in the future," Cohn said in a statement issued by the White House.
His departure as director of the National Economic Council came after a little more than a year on the job.
Following the news of Cohn's departure, the U.S. dollar weakened, while an exchange-traded fund tracking the broad market S&P 500 dipped 1 percent.
Trump's announcement last week of his plans to impose the tariffs sent U.S. stock prices tumbling and came after an intense debate within the White House between Cohn and other advocates of free trade, on one side, and protectionist advisers such as Peter Navarro on the other, White House sources said.
Cohn, a former president and chief operating officer of investment bank Goldman Sachs, was seen as a bulwark within the White House against protectionist policies. Business lobbyists frequently cited Cohn as their strongest ally in the White House.
"Gary Cohn is one of the true Wall Street all stars behind the Trump tax plan. He will be missed. We thought he might switch mid-term and become the Treasury Secretary. He is that good," said Andrew Brenner, the head of international fixed income at NatAlliance Securities LLC.
(Additional reporting by Paul Simao and Jennifer Ablan; Writing by Makini Brice; Editing by Caren Bohan and Peter Cooney)
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