• Revision ID 53806 REVISION
  • 2018-03-07 14:47:41
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Title Title
Establishment economics takes a hit with Gary Cohn's White House resignation  Establishment economics hit by Gary Cohn's White House resignation
Summary Summary
Cohn leaves the White House after President Trump pushed for tariffs, bucking the business community and decades of U.S. policy Cohn leaves the White House after President Trump pushed for tariffs, bucking the business community and decades of U.S. policy
Highlights Highlights
Content Content
<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> <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>
<span style="font-weight: 400;">Former investment banker Gary Cohn stepped down as head of the U.S. </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;">Former investment banker Gary Cohn stepped down as head of the U.S. </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">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 Cohn's 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> <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">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 Cohn's 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> <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;">In August 2017, the </span><a href="https://www.ft.com/content/3955bb0a-8367-11e7-a4ce-15b2513cb3ff"><span style="font-weight: 400;"><em>Financial Times</em> 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 Bannon 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;">In August 2017, the </span><a href="https://www.ft.com/content/3955bb0a-8367-11e7-a4ce-15b2513cb3ff"><span style="font-weight: 400;"><em>Financial Times</em> 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 Bannon 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 Trump's 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 administrations.</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 Trump's 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 administrations.</span>
<span style="font-weight: 400;">Cohn also joins a group of business leaders who have 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 en masse</span></a><span style="font-weight: 400;"> from presidential business councils in August 2017 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> <span style="font-weight: 400;">Cohn also joins a group of business leaders who have 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 en masse</span></a><span style="font-weight: 400;"> from presidential business councils in August 2017 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> <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>
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