Gary Cohn To Step Down From Trump Administration

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The former Goldman Sachs executive has served as Trump’s chief economic adviser since the president’s inauguration.

Gary Cohn, who has served as President Donald Trump’s chief economic adviser since last year, will step down from his position, the White House confirmed Tuesday.

He will leave his role as director of the National Economic Council in “the coming weeks,” according to New York Times, which first reported the news.

Financial watchers expected U.S. stocks to drop in the wake of the announcement. Futures for the Dow Jones Industrial Average were down roughly 1.3 percent on Tuesday evening, while S&P 500 futures were down 1.1 percent. 

Cohn had been rumored to be considering leaving the White House over concerns with Trump’s recently-announced tariffs on steel and aluminum imports. Cohn, a free-trade advocate, had lobbied Trump against the tariffs, and in recent days had reportedly planned a meeting at the White House with representatives from the aluminum and steel industries in an apparently unsuccessful attempt to change the president’s mind. 

“It has been an honor to serve my country and enact pro-growth economic policies to benefit the American people, in particular the passage of historic tax reform,” said Cohn in a statement. “I am grateful to the President for giving me this opportunity and wish him and the Administration great success in the future.”

“Gary has been my chief economic advisor and did a superb job in driving our agenda, helping to deliver historic tax cuts and reforms and unleashing the American economy once again,” Trump said in a statement. “He is a rare talent, and I thank him for his dedicated service to the American people.”

Cohn previously was reported to have considered resigning in August 2017 over Trump’s response to the white supremacist rally in Charlottesville, Virginia. In an interview with the Financial Times at the time, Cohn criticized Trump for blaming “both sides” for the violence, arguing that the White House “can and must do better in consistently and unequivocally condemning these groups.” 

There was also speculation that Cohn might leave the White House following the passage of the GOP tax plan late last year. Trump publicly addressed those rumors in January, calling Cohn himself on stage to address them during a media availability. 

He is the latest in a series of high-profile departures from the White House. Most recently, communications director Hope Hicks, one of the president’s most trusted advisers, decided to step down from her post. 

Prior to joining the White House, Cohn was the chief operating officer of investment bank Goldman Sachs. 



Europe to retaliate against US steel tariffs by hitting US jeans, bourbon, motorcycles: Report

The European Union said Tuesday it was preparing to hit a range of well-known U.S. goods with a steep 25 percent tariff, to retaliate for the 25 percent steel tariffs the U.S. plans to impose on steel imports.

The EU is getting ready to hit goods like jeans, bourbon, motorcycles, and a range of agricultural goods, in case the Trump administration goes forward with hits plan to impose its steel tariff, according to Bloomberg. President Trump has also proposed a 10 percent tariff on aluminum imports.

Europe is said to be targeting $3.5 billion worth of U.S. goods with tariffs.

European officials were expected to hit items like Harley-Davidson motorcycles and Kentucky bourbon in an effort to pressure Republican congressional leaders to get Trump to back away from his steel tariff plan. Harley Davidson is based on Wisconsin, the home state of House Speaker Paul Ryan, and Kentucky bourbon hits Senate Majority Leader Mitch McConnell right in his home state.

Bloomberg noted that jeans icon Levi Strauss & Co. is based in San Francisco, House Minority Leader Nancy Pelosi's hometown.

European Union Commission officials talked about its proposed plan with member countries on Monday.


George W. Bush Reportedly Sounds Off On Trump: ‘Sorta Makes Me Look Pretty Good’

Former president zings Trump in candid comments.

Former President George W. Bush is reportedly pleased by at least one element of the Donald Trump presidency: It’s making him look better. 

While Bush doesn’t often address Trump or his policies directly, he does have a zinger he likes to deliver when the issue comes up. Tom DeFrank, a contributing editor for The National Journal, reported: 

“Without chiming in with the Trump critics, Bush is often heard to remark, unable to stifle his trademark smirk: ‘Sorta makes me look pretty good, doesn’t it?’” 

The relationship between Trump and the Bush family hasn’t been a warm one. Former Florida Gov. Jeb Bush was widely considered the frontrunner for the 2016 GOP nomination until he was steamrolled by Trump, who famously dismissed him as “low energy.” 

Neither Jeb nor George ― nor their father, former President George H.W. Bush ― attended the 2016 Republican National Convention, in which Trump was nominated. None of the three Bushes voted for Trump either. 

Over the weekend, Trump reportedly called George W. Bush’s decision to invade Iraq in 2003 “the single worst decision ever made.” However, last week he also endorsed George P. Bush ― one of Jeb’s three children ― for reelection as Texas land commissioner, calling him “Trump’s Man in Texas.”




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