The president’s top economic adviser lost a battle to prevent the imposition of steep tariffs pushed by protectionist advisers.
Gary Cohn, President Donald Trump’s top economic adviser, has been rumored to be on the brink of leaving the White House for months but stayed for one main reason: to stop the president from imposing steep tariffs.
By Thursday afternoon, Cohn had lost the fight.
In a meeting with steel industry executives, Trump announced plans for a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports.
The decision came after a frantic 24 hours in which Cohn and others tried to walk Trump off the ledge. At one point, aides were sure Trump would make the announcement. Then they said he wouldn’t. Finally, sitting alongside steel executives, he did.
The Dow promptly tanked over 500 points, and Cohn’s allies began wondering if this would be the final insult sending the director of the National Economic Council to the exit.
One person close to Cohn, a former Goldman Sachs executive, said he wouldn’t be surprised if he eventually left the chaotic and deeply exhausting administration as a result of the decision. A second person close to Cohn described it as a brutal blow that violated one of the NEC director’s core beliefs—that protectionism is economically backward and won’t lead to increased prosperity.
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Trump’s tariff war nudges Cohn toward White House exithttps://t.co/dhpnkwwyHW pic.twitter.com/Bu3qJIaY28
— POLITICO (@politico) March 1, 2018
And our retirement funds take another hit. Hey as long as Ivanka and Jared are making money right?
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