Title Title
800px-Gary_Cohn_at_Regional_Media_Day Establishment economics takes a hit with Gary Cohn resignation
Summary Summary
  Cohn leaves the White House after Trump pushed for tariffs, bucking the business community and decades of U.S. policy
Highlights Highlights
Content Content
Director of the National Economic Council Gary Cohn | 7/25/17 (Official White House Photo by Evan Walker) <i><span style="font-weight: 400;">Help us report on Trump's economic vision. Contribute using EDIT STORY or offer suggestions via TALK. </span></i>
Date 25 July 2017, 14:29  
Source Regional Media Day: 7/25/17  
Author The White House from Washington, DC  
  <span style="font-weight: 400;">Former investment banker Gary Cohn stepped down as head of the </span><a href="https://en.wikipedia.org/wiki/National_Economic_Council_(United_States)"><span style="font-weight: 400;">National Economic Council</span></a><span style="font-weight: 400;"> on Tuesday, ending his tenure as presidential advisor. His resignation comes after President Donald J. Trump announced plans to impose steep tariffs on foreign steel and aluminum, </span><a href="https://www.reuters.com/article/us-usa-trump-cohn/after-tariff-fight-loss-trump-economic-adviser-cohn-quits-idUSKCN1GI2ZS"><span style="font-weight: 400;">a policy Cohn fiercely lobbied against</span></a><span style="font-weight: 400;">. </span>
  <span style="font-weight: 400;">The<a href="https://en.wikipedia.org/wiki/Gary_Cohn_(investment_banker)"> former Goldman Sachs executive</a> was a voice for free-trade policies within a White House that promised protectionism. The <a href="https://www.bloomberg.com/news/articles/2017-10-19/nafta-collapse-would-hurt-regional-economy-with-mexico-hit-most">vast majority of economists</a> support global trade deals, such as NAFTA, which Trump opposes <em>(Bloomberg).</em> The <a href="http://money.cnn.com/2018/03/06/news/companies/dow-stock-futures-gary-cohn/index.html">Dow Jones dropped after his departure became public</a>, indicating growing fears that a 25 percent tariff on steel and 10 percent on aluminum imports could one day be a reality <em>(CNNMoney). </em></span>
  <em>(<a href="https://www.wikitribune.com/story/2018/03/01/markets/trump-announces-steep-trade-tariffs-on-steel-and-aluminum/53003/">Read and help report</a> on President Trump's tariffs on steel and aluminum and his protectionist agenda). </em>
  <span style="font-weight: 400;">On August 17, the </span><a href="https://www.ft.com/content/3955bb0a-8367-11e7-a4ce-15b2513cb3ff"><span style="font-weight: 400;">Financial Times reported</span></a><span style="font-weight: 400;"> a power struggle between Cohn and former White House advisor Steve Bannon, who promoted a political brand that he labeled as <a href="https://www.reuters.com/article/us-usa-politics-republicans/pence-bannon-appeal-for-conservatives-to-unite-behind-trump-idUSKBN1620FT">“economic nationalism.” </a></span>
  <span style="font-weight: 400;">Cohn joins a line of White House staffers who’ve either quit or were fired within the first year of the presidency. The turnover rate is currently over </span><a href="https://www.brookings.edu/research/why-is-trumps-staff-turnover-higher-than-the-5-most-recent-presidents/"><span style="font-weight: 400;">40 percent according to the Brookings Institute</span></a><span style="font-weight: 400;">, a left-leaning think tank, which exceeds the norm of the previous five administration.</span>
  <span style="font-weight: 400;">Cohn also joins a group of business leaders who’ve distanced themselves from an otherwise business-friendly administration. </span><a href="https://www.bloomberg.com/news/articles/2017-08-16/trump-ceo-strategy-council-is-said-to-be-disbanding-after-exodus"><span style="font-weight: 400;">CEOs left enmasse</span></a><span style="font-weight: 400;"> in August 2017 from presidential business councils after Trump's controversial response to the Charlottesville protests where a neo-nazi sympathizer killed a left-wing protester </span><i><span style="font-weight: 400;">(Bloomberg). </span></i>
  <i><span style="font-weight: 400;">Help us report on Trump's economic vision. Contribute using EDIT STORY or offer suggestions via TALK. </span></i>
Categories Categories
  Politics, United States, Economics
Article type Article type
Tags Tags
  Economics, tariffs, Trade
Author byline Author byline
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