What Does Gary Cohn’s Departure Mean for the Nation?
Trump’s top financial advisor, Gary Cohn, has left the White House after a row over steel and aluminum tariffs, which Cohn was staunchly against. What does the sudden departure of the stable and successful White House figure mean for the president and the economy? More at CNBC.
Donald Trump’s chief economic advisor Gary Cohn is leaving the White House, and the markets aren’t happy.
S&P 500 futures immediately dropped by 1.1% on the news, which may not sound like a lot, but implies a loss of some $230 billion in the market value of the US stock market. They then continued downward, falling by 1.3% at 7:30 pm EST.
The resignation of Gary Cohn is a significant blow to Donald Trump’s Presidency, and recovering from it will be a significant challenge…
A successful President needs allies, and Mr. Trump has had them so far. By contrast, the tariff decision is a leadership fiasco that has cost Mr. Trump a key ally in Gary Cohn. It is a loss, and this Presidency cannot afford more like it.
There could be more turnover on the NEC staff following Cohn’s departure, depending on who ascends to the top job. The only name currently in wide circulation is Larry Kudlow, the economic commentator and former Reagan administration official. Kudlow, who urged Cohn to stick around, was caught by surprise by the announcement. Like Cohn, Kudlow has been highly critical of Trump’s decision on tariffs, something that could make it harder for him to get the job.