Donald Trump economic adviser resigned after tariffs dispute

Vastavam web: Gary Cohn, the top economic adviser to U.S. President Donald Trump and a voice for Wall Street in the White House, said on Tuesday he would resign, a move that came after he lost a fight over Trump’s plans for hefty steel and aluminum import tariffs.The departure of Cohn, the National Economic Council director, expected to be finalized in a few weeks, will blow a hole in Trump’s advisory team at a time when the economy is growing but stock markets are experiencing surges of volatility.

Trump said in a tweet on Tuesday night he “will be making a decision soon” on replacing Cohn. Administration officials said Peter Navarro, who is director of the White House National Trade Council, and conservative commentator Larry Kudlow were the “top two candidates” for the job.Cohn told Trump about his decision to resign on Tuesday, but he and the president had been discussing his possible departure for weeks, a White House official said.

Following the news, 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, with analysts expressing concern about trading on Wednesday.Without Cohn in the picture, Navarro, an economist, will likely have a clearer field to pursue a protectionist agenda, which squares with Trump’s long-held concerns about trade.

Trump said last week he would impose import tariffs of 25 percent on steel and 10 percent on aluminum, a move criticized by a number of prominent Republican lawmakers.Trump’s announcement followed an intense debate within the White House between Cohn and Navarro and their respective allies, said White House officials.