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Title: Trump economic adviser Cohn quits after dispute over tariffs
Source:
Yahoo/Reuters
URL Source: https://www.yahoo.com/news/white-ho ... ng-down-223711471--sector.html
Published: Mar 6, 2018
Author: Jeff Mason
Post Date: 2018-03-06 20:03:57 by Hondo68
Keywords: news of Cohn resignation, U.S. dollar weakened, stock prices tumbling
Views: 719
Comments: 5
WASHINGTON (Reuters) - U.S. President Donald Trump's top economic adviser, Gary Cohn, said on Tuesday he was resigning, a decision that came after he lost a fight within the White House over plans to impose hefty steel and aluminum tariffs.
White House officials said the dispute over tariffs contributed to Cohn’s decision to resign but was not the only reason. One official said there had been several issues that led to the parting, but noted: "His biggest mission was on the tax cut bill, which he got passed."
The White House said the timing of Cohn's departure from his role as director of the National Economic Council had not been finalized but was still a few weeks away. It was the latest in a series of high-profile departures from the White House.
Following the news of Cohn's resignation, the U.S. dollar weakened, while an exchange-traded fund tracking the broad market S&P 500 dipped 1 percent. Prices for U.S. government debt barely budged.
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, according to White House officials.
Cohn, who served in the White House for a little more than a year, struck an early rapport with Trump and proved influential in the administration's decisions last April not to label China a currency manipulator and to renegotiate the North American Free Trade Agreement, instead of terminating it.
He also emerged as one of the main drivers of the tax overhaul package passed by Congress and signed into law by Trump late last year. The overhaul was Trump's first major legislative victory.
"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.
Cohn's relationship with Trump began to sour last summer, after Cohn disagreed with the president's tepid response to clashes between neo-Nazis and anti-racism protesters in Charlottesville, Virginia, sources close to Cohn said.
Cohn, a Democrat, had aligned himself with Trump's son-in-law, Jared Kushner, and the president's daughter Ivanka Trump, who are both senior White House advisers and like Cohn, are seen as centrists.
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 deserves credit for serving his country in a first class way. I'm sure I join many others who are disappointed to see him leave," Lloyd Blankfein, the chairman and chief executive of Goldman Sachs and Cohn's former boss, said on Twitter.
In a statement, Trump gave Cohn credit for his role in pushing the tax package through Congress and "unleashing the American economy once again."
"He is a rare talent, and I thank him for his dedicated service to the American people," he said.
Poster Comment:
Getting out before the Greatest Depression hits. (1 image)
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Getting out before the Greatest Depression hits.
I have to admit that Trump threw a pile of fecal matter into the fan blades. The equities markets are lackluster as HELL.
#2. To: buckeroo, Larry Kudlow, to the rescue (#1)
Larry Kudlow
Trump could cast a wide net in searching for a replacement, though he has told advisers that he wants to consider Larry Kudlow, a media personality and 2016 campaign adviser, according to several people briefed on Trump's discussions.
Kudlow has been largely supportive of Trump's economic agenda, but he has expressed concerns about Trump's moves on trade. He has in recent days encouraged Cohn to stay. Reached by phone on Tuesday, Kudlow declined to comment.
Trump on Tuesday morning previewed future firings. "I still have some people that I want to change [always seeking perfection]," he wrote in a tweet.
But asked at the news conference who he had in mind - and whether he was looking to fire Attorney General Jeff Sessions, with whom he has feuded bitterly for months - Trump would not say.
"I don't really want to talk about that," the president said. He added, "There will be people that change. They always change. Sometimes they want to go out and do something else. But they all want to be in the White House. So many people want to come in. I have a choice of anybody."
www.ndtv.com/world-news/d...ver-trade-tariffs-1820548
#3. To: hondo68 (#2) (Edited)
Larry Kudlow
"A Jesuit Journal in the 21st Century"
What's his affiliation with the Sacred Heart Jesuits?
"I do not like the reappearance of the Jesuits....
Shall we not have regular swarms of them here, in as many disguises as only a king
of the gipsies can assume, dressed as printers, publishers, writers and schoolmasters?
If ever there was a body of men who merited damnation on earth and in Hell,
it is this society of Loyola’s.
Nevertheless, we are compelled by our system of religious toleration
to offer them an asylum."--John Adams to Thomas Jefferson; May, 1816
#4. To: VxH (#3)
Amazingly enough they have a bar for the kiddies. What will those Jesuits think of next?
We never had a bar at any of the Catholic schools that I went to.
#5. To: hondo68 (#4) (Edited)
We never had a bar at any of the Catholic schools that I went to.
Nor at the Lutheran schools I went to.
The Jesuits popped up on my radar when a guy I graduated HS with told me, at our 30 year reunion, "you should read up on Marx - his ideas are very useful".
He's a bankruptcy lawyer.
I'm pretty sure he didn't learn his appreciation for Karl Marx's "thinking" from our World History teacher at LHS.
He'd got his JD from the local Jesuit MBA/JD factory.
I've seen their MBA's in action too. It's an observable pattern of indoctrinated behavior -- with Pope Frankie being a prototypical example.
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