In the latest series of high-profile departures from the White House, Economic Advisor, Gary Cohn quit from his post after a dispute with the latest tariff plans.
The top White House economic advisor and a Wall Street banker, Gary Cohn resigned from his post late on Tuesday. It happened after he opposed hefty steel and aluminum tariffs by the US Prez Donald Trump. There is a speculation Mr. Cohn, who is a supporter of free trade was angered by the above plans.
In a statement issued by the White House, Cohn said,” “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.”
He departed as the Director of National Economic Council after working for a little more than a year on the job. The market shrank with his departure as the US Dollar weakened while the broad market S&P 500 dipped 1 percent.
The White House sources said that US stock prices tumbled and came after an intense debate within the White House between Cohn and other advocates of free trade after Trump announced his plans to impose the tariffs last week. It left the protectionists advisors on one side while Peter Navarro on the other.
The 57-years-old former president and Chief Operating Officer of investment bank Goldman Sachs was seen as a parapet against protectionist policies.
Business lobbyists frequently cited him as their strongest ally in the White House.