Outgoing Economic Adviser Is 'A Globalist, But I Still Like Him'

President Trump and Gary Cohn affirm their support for each other at Camp David on Jan. 6

Mr. Trump said in a tweet on Tuesday night he "will be making a decision soon" on replacing Mr. Cohn. Administration officials said Peter Navarro, director of the White House National Trade Council, and conservative commentator Larry Kudlow were the "top two candidates" for the job.

Hours before Cohn's resignation was announced Tuesday, Trump set a "line in the sand" asking Cohn if he would support the tariffs-and Cohn did not answer, a White House official and an outside adviser to the president told Fox News.

The administration's high turnover of key staff is also leading to a lack of confidence in Trump's policies, Reuters noted.

"This is Gary Cohn's last meeting in the Cabinet", Trump said at the beginning of the meeting.

Haven assets rose Wednesday on the uncertainty in USA policy, with the 10-year Treasury yield falling to 2.856% from 2.877% in late NY trading.

"One of the adults in the room has left".

Early excitement at North Korea's offer of denuclearisation talks helped European market sentiment, dealers said, as did a gradual recovery of the dollar.

Lawmakers approve budget bills, but there's more work to be done
Kentucky lawmakers are looking at a bill which would temporarily reduce annual cost-of-living raises for retired school teachers. The union hand-delivered a letter to Scott this week, asking him to veto the "guardians" section of the bill, she said.

"I still have some people that I want to change (always seeking perfection)".

'The market's reaction suggests investors are now even more concerned that with one of Trump administration's strongest free trade advocates gone, that the United States trade policy will head further into protectionist territory.

Joined by National Security Adviser HR McMaster, Mr Cohn had argued repeatedly and passionately to Mr Trump that the tariffs on imported metals would damage the relationship between the U.S. and its closest allies while threatening to erase some of the benefits of $1.5 trillion tax cut legislation the president signed into law late previous year. His departure date is to be determined but will be a few weeks from now, a White House official said.

But he ultimately stayed on until Trump made a decision to impose tariffs on imported steel and aluminum.

"He's been terrific", Trump said of Cohn, who is Jewish. "But things are not that simple as investors have to worry about a potential trade war with the U.S", he added.

Reports say Cohn who opposed Trump's planned tariffs, hinted the White House about his resignation last week, and reportedly tried getting the president to change course.

He also emerged as a main driver of a sweeping tax overhaul passed by Congress in December and signed into law by Mr. Trump.

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