Gary Cohn quits as Trump's top economic adviser
Gary Cohn, Donald Trump’s top economic adviser, has quit, the latest in a series of high-profile departures from the Trump administration.
Cohn, who heads the National Economic Council, had reportedly threatened to leave after Trump’s incendiary comments following the deadly race riot in Charlottesville, Virginia.
But his decision to quit on Tuesday night comes after Trump’s decision to impose tariffs on steel and aluminum imports, a move he and the treasury secretary, Steven Mnuchin, have reportedly vehemently opposed.
Futures trading pointed to a sharp 1.3% drop in shares on Wall Street when business starts again on Wednesday morning and investors take in the departure of the pro-free trade adviser.
The dollar dropped 0.6% against the yen in the Asian markets session but recovered the lost ground as the day progressed.
Shares in Asia Pacific also dipped at the opening of trade on Wednesday. In Japan, where the steel industry could be badly hit by tariffs, the Nikkei was off 0.7% but also clawed back losses to sit 0.2% down at midday. In Sydney the ASX200 benchmark was down 0.8%.
In a statement given to the New York Times, which first broke the story, Trump said: “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.”
Later on Tuesday, the president tweeted his intention to appoint a replacement soon, adding: “Many people wanting the job - will choose wisely!”
Cohn, who heads the National Economic Council, had reportedly threatened to leave after Trump’s incendiary comments following the deadly race riot in Charlottesville, Virginia.
But his decision to quit on Tuesday night comes after Trump’s decision to impose tariffs on steel and aluminum imports, a move he and the treasury secretary, Steven Mnuchin, have reportedly vehemently opposed.
Futures trading pointed to a sharp 1.3% drop in shares on Wall Street when business starts again on Wednesday morning and investors take in the departure of the pro-free trade adviser.
The dollar dropped 0.6% against the yen in the Asian markets session but recovered the lost ground as the day progressed.
Shares in Asia Pacific also dipped at the opening of trade on Wednesday. In Japan, where the steel industry could be badly hit by tariffs, the Nikkei was off 0.7% but also clawed back losses to sit 0.2% down at midday. In Sydney the ASX200 benchmark was down 0.8%.
In a statement given to the New York Times, which first broke the story, Trump said: “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.”
Later on Tuesday, the president tweeted his intention to appoint a replacement soon, adding: “Many people wanting the job - will choose wisely!”
Source:
theguardian
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