Gary Cohn quits as Donald Trump's top economic adviser

Gary Cohn, Donald Trump’s top economic adviser, has quit, the latest in a series of high-profile departures from the Trump administration.

Cohn, who heads the National Economic Council, had reportedly threatened to leave after Trump’s incendiary comments following the deadly race riot in Charlottesville, Virginia.

But his decision to quit on Tuesday night comes after Trump’s decision to impose tariffs on steel and aluminum imports, a move he and the treasury secretary, Steven Mnuchin, have reportedly vehemently opposed.

Futures trading pointed to a sharp 1.6% drop in shares on Wall Street when business starts again on Wednesday morning and investors take in the departure of the pro-free trade adviser.

The dollar dropped against the yen in the Asian markets session but recovered the lost ground as the day progressed.

Shares in Asia Pacific also dipped on Wednesday. In Japan, where the steel industry could be badly hit by tariffs, the Nikkei closed down 0.77%. Hong Kong and Sydney were both down 1%.


Source : theguardian