Zeke Miller and Jonathan Lemire, The Associated Press 

 



WASHINGTON -- Top economic adviser Gary Cohn is leaving the White House after breaking with U.S. President Donald Trump on trade policy, the latest in a string of high-level departures from the West Wing.

Cohn, the director of the National Economic Council, has been the leading internal opponent to Trump's planned tariffs on imports of steel and aluminum, working to orchestrate an eleventh-hour effort in recent days to get Trump to reverse course. But Trump resisted those efforts, and reiterated Tuesday he will be imposing tariffs in the coming days.

Cohn's departure comes amid a period of unparalleled tumult in the Trump administration, and aides worry that more staffers may soon head for the doors.

The announcement came hours after Trump denied there was chaos in the White House. Trump maintained that his White House has "tremendous energy," but multiple White House officials said Trump has been urging anxious aides to stay.

"Everyone wants to work in the White House," Trump said during a joint press conference with Swedish Prime Minister Stefan L├╢fven. "They all want a piece of the Oval Office."

In a statement, Cohn said it was his honour to serve in the administration and "enact pro-growth economic policies to benefit the American people."

Trump praised Cohn despite the disagreement on trade, issuing a statement saying Cohn has "served his country with great distinction."

Cohn is a former Goldman Sachs executive who joined the White House after departing the Wall Street firm with a $285 million payout. He played a pivotal role in helping Trump enact a sweeping tax overhaul, co-ordinating with members of Congress.

Cohn's departure is a blow to Capitol Hill Republicans and business groups, as they were hoping that Trump might listen to their worries on tariffs. Earlier Tuesday, House Speaker Paul Ryan had said talks with the White House were "ongoing" and he was "encouraged" that the White House would adjust course.

"I hate to see Gary go," Senate Majority Leader Mitch McConnell told The Associated Press. "I think he did a great job."

Sen. Pat Toomey, R-Pa., who is trying to persuade the administration to target the steel and aluminum tariffs as narrowly as possible, acknowledged his side of the argument was increasingly outnumbered in the administration.

"I'm sorry to see him go," Toomey said, calling Cohn "a very important voice in encouraging free trade."

Josh Bolten, the President and CEO of the Business Roundtable, which opposes the coming tariffs, called Cohn's exit "a real loss for President Trump and the American people."

Trump loved to boast about the former executive's wealth, but Cohn's tenure in the White House was rocky. Cohn nearly departed the administration last summer after he was upset by the president's comments about the racial violence in Charlottesville, Va. Cohn, who is Jewish, wrote a letter of resignation but never submitted it.

"Citizens standing up for equality and freedom can never be equated with white supremacists, neo-Nazis, and the KKK," Cohn told The Financial Times at the time. "I believe this administration can and must do better in consistently and unequivocally condemning these groups and do everything we can to heal the deep divisions that exist in our communities."

The comments came as Cohn was under consideration to serve as chairman of the Federal Reserve.

Earlier in the administration, Cohn found himself on the losing side of several contentious battles with Trump's more nationalist-minded aides -- including then-chief strategist Steve Bannon -- on policies including the announcement of plans to pull the United States from the Paris Climate Agreement.

Cohn had also hoped to steer more than $1 trillion into infrastructure investments. But the multiple rollouts by the Trump administration failed to gain traction, often overshadowed by controversial statements made by the president himself.

Cohn often faced ridicule among some inside the White House for being a registered Democrat who last year met with former Republican officials pushing a form of a carbon tax that was designed to reduce the risks from climate change.

Yet his stock improved to the point that he was one of names Trump was floating for chief of staff last month, when it looked like John Kelly was on thin ice. He was a frequent ally of Jared Kushner and Ivanka Trump in internal staff struggles.

Cohn told other White House aides in recent weeks that he would have little reason to stay if Trump followed through with his tariff plans, according to a White House official familiar with his views. The official spoke on condition of anonymity.

"I mean it is no secret that he disagreed with Trump on trade and he was opposed to the policy," said Stephen Moore, who served as an economic adviser to Trump's campaign.

The White House did not immediately announce a replacement for Cohn, whose deputy, Jeremy Katz, departed in January. Among those under consideration for Cohn's job are CNBC commentator Larry Kudlow and Office of Management and Budget director Mick Mulvaney, according to a person familiar with the discussions.

In a tweet earlier Tuesday, Trump sought to portray himself as the architect of the White House staff changes, writing, "I still have some people that I want to change (always seeking perfection)."

Trump acknowledged he is a tough boss to work for, saying he enjoys watching his closest aides fight over policy. "I like conflict," he said during the press conference.

Cohn was nowhere in sight at the press conference and a seat reserved for him in the East Room was filled by a different aide.

Dating back to the campaign, Trump has frequently and loudly complained about the quality of his staff, eager to fault his aides for any mishaps rather than acknowledge any personal responsibility. But the attacks on his own staff have sharpened in recent weeks, and he has suggested to confidants that he has few people at his side he can count on, according to two people familiar with his thinking but not authorized to publicly discuss private conversations.

Coinciding with the heated debate over tariffs, Trump's communications director Hope Hicks, one of his closest and most devoted aides, announced her resignation last week, leaving a glaring vacancy in the informal cadre of Trump loyalists in the White House.

Turnover after just over a year in office is nothing new, but the Trump administration has churned through staff at a dizzying pace since taking office last January, and allies are worried the situation could descend into a free-fall.

Making matters worse, the list of prospects to replace departing aides grows shorter as the sense of turmoil increases. Vacancies abound throughout the West Wing and the administration at large, from critical roles like staff secretary to more junior positions in the press office.

Lemire reported from New York. Associated Press writers Josh Boak, Jill Colvin, Catherine Lucey, Lisa Moscaro, Darlene Superville and Ken Thomas contributed.</s>Top economic adviser Gary Cohn is leaving the White House after breaking with President Donald Trump on trade policy, the latest in a string of high-level departures from the West Wing.

Cohn, the director of the National Economic Council, has been the leading internal opponent to Trump’s planned tariffs on imports of steel and aluminum, working to orchestrate an eleventh-hour effort in recent days to get Trump to reverse course. But Trump resisted those efforts, and reiterated Tuesday he will be imposing tariffs in the coming days.

Cohn’s departure comes amid a period of unparalleled tumult in the Trump administration, and aides worry that more staffers may soon head for the doors.

The announcement came hours after Trump denied there was chaos in the White House. Trump maintained that his White House has “tremendous energy,” but multiple White House officials said Trump has been urging anxious aides to stay.

“Everyone wants to work in the White House,” Trump said during a joint press conference with Swedish Prime Minister Stefan Löfven. “They all want a piece of the Oval Office.”

In a statement, Cohn said it was his honor to serve in the administration and “enact pro-growth economic policies to benefit the American people.”

Trump praised Cohn despite the disagreement on trade, issuing a statement saying Cohn has “served his country with great distinction.”

Cohn is a former Goldman Sachs executive who joined the White House after departing the Wall Street firm with a $285 million payout. He played a pivotal role in helping Trump enact a sweeping tax overhaul, coordinating with members of Congress.

Cohn’s departure is a blow to Capitol Hill Republicans and business groups who were hoping Trump might listen to their worries on tariffs — and that Cohn would serve as a moderating force as the administration pushes a renegotiation of the North American Free Trade Agreement. Earlier Tuesday, House Speaker Paul Ryan had said talks with the White House were “ongoing” and he was “encouraged” that the White House would adjust course.

“I hate to see Gary go,” Senate Majority Leader Mitch McConnell told The Associated Press.

Sen. Pat Toomey, R-Pa., who is trying to persuade the administration to target the steel and aluminum tariffs as narrowly as possible, acknowledged his side of the argument was increasingly outnumbered in the administration.

“I’m sorry to see him go,” Toomey said, calling Cohn “a very important voice in encouraging free trade.”

Josh Bolten, the President and CEO of the Business Roundtable, which opposes the coming tariffs, called Cohn’s exit “a real loss for President Trump and the American people.”

Trump loved to boast about the former executive’s wealth, but Cohn’s tenure in the White House was rocky. Cohn nearly departed the administration last summer after he was upset by the president’s comments about the racial violence in Charlottesville, Va. Cohn, who is Jewish, wrote a letter of resignation but never submitted it.

“Citizens standing up for equality and freedom can never be equated with white supremacists, neo-Nazis, and the KKK,” Cohn told The Financial Times at the time. “I believe this administration can and must do better in consistently and unequivocally condemning these groups and do everything we can to heal the deep divisions that exist in our communities.”

The comments came as Cohn was under consideration to serve as chairman of the Federal Reserve.

Earlier in the administration, Cohn found himself on the losing side of several contentious battles with Trump’s more nationalist-minded aides — including then-chief strategist Steve Bannon — on policies including the announcement of plans to pull the United States from the Paris Climate Agreement.

Cohn had also hoped to steer more than $1 trillion into infrastructure investments. But the multiple rollouts by the Trump administration failed to gain traction, often overshadowed by controversial statements made by the president himself.

Cohn often faced ridicule among some inside the White House for being a registered Democrat who last year met with former Republican officials pushing a form of a carbon tax that was designed to reduce the risks from climate change.

Yet his stock improved to the point that he was one of names Trump was floating for chief of staff last month, when it looked like John Kelly was on thin ice. He was a frequent ally of Jared Kushner and Ivanka Trump in internal staff struggles.

Cohn told other White House aides in recent weeks that he would have little reason to stay if Trump followed through with his tariff plans, according to a White House official familiar with his views. The official spoke on condition of anonymity.

“I mean it is no secret that he disagreed with Trump on trade and he was opposed to the policy,” said Stephen Moore, who served as an economic adviser to Trump’s campaign.

The White House did not immediately announce a replacement for Cohn, whose deputy, Jeremy Katz, departed in January. Among those who have been discussed as potential replacements are CNBC commentator Larry Kudlow and Office of Management and Budget director Mick Mulvaney, according to a person familiar with the discussions.

“Will be making a decision soon on the appointment of new Chief Economic Advisor. Many people wanting the job - will choose wisely!” Trump tweeted late Tuesday.

In an earlier tweet, Trump sought to portray himself as the architect of the White House staff changes, writing, “I still have some people that I want to change (always seeking perfection).”

Trump acknowledged he is a tough boss to work for, saying he enjoys watching his closest aides fight over policy. “I like conflict,” he said during the press conference.

Cohn was nowhere in sight at the press conference and a seat reserved for him in the East Room was filled by a different aide.

Dating back to the campaign, Trump has frequently and loudly complained about the quality of his staff, eager to fault his aides for any mishaps rather than acknowledge any personal responsibility. But the attacks on his own staff have sharpened in recent weeks, and he has suggested to confidants that he has few people at his side he can count on, according to two people familiar with his thinking but not authorized to publicly discuss private conversations.

Coinciding with the heated debate over tariffs, Trump’s communications director Hope Hicks, one of his closest and most devoted aides, announced her resignation last week, leaving a glaring vacancy in the informal cadre of Trump loyalists in the White House.

Turnover after just over a year in office is nothing new, but the Trump administration has churned through staff at a dizzying pace since taking office last January, and allies are worried the situation could descend into a free-fall.

Making matters worse, the list of prospects to replace departing aides grows shorter as the sense of turmoil increases. Vacancies abound throughout the West Wing and the administration at large, from critical roles like staff secretary to more junior positions in the press office.

Lemire reported from New York. Associated Press writers Josh Boak, Jill Colvin, Catherine Lucey, Lisa Mascaro, Darlene Superville and Ken Thomas contributed.</s>Image copyright AFP Image caption Gary Cohn was director of the National Economic Council under President Trump

US President Donald Trump's top economic adviser Gary Cohn is resigning, the White House has said.

It is the latest in a series of high-profile departures from President Trump's team.

There has been speculation that Mr Cohn, a supporter of free trade, was angered by Mr Trump's plans to impose tariffs on aluminium and steel imports.

In a statement released by the White House, Mr Cohn said it had been "an honour to serve my country".

The 57-year-old former president of the Goldman Sachs bank had helped Mr Trump push through his sweeping tax reforms late last year.

Why has Mr Cohn gone?

Gary Cohn and President Trump were never believed to be close.

Mr Cohn wasn't specific about the reasons, saying in a statement it had been "an honour to serve my country and enact pro-growth economic policies to benefit the American people, in particular the passage of historic tax reform".

Once that mission had been achieved, a number of differences may have prompted the departure, including the possible looming trade tariff war and his differences on that issue with trade adviser Peter Navarro and Commerce Secretary Wilbur Ross.

Mr Cohn had reportedly set up a meeting between Mr Trump and business executives who opposed the tariffs move. But Mr Trump pulled out of that meeting and on Tuesday reportedly asked Mr Cohn in the Oval Office to back the tariffs publicly. Mr Cohn did not answer, sources told Bloomberg.

In August last year, Mr Cohn had also criticised Mr Trump over his reaction to a far-right rally in Charlottesville, Virginia, saying the administration "can and must do better". He was reported to have drafted a resignation letter after the event.

What has the White House said?

An official said: "For several weeks Gary had been discussing with the president that it was nearing time for him to transition out."

The exact departure date had yet to be determined.

Skip Twitter post by @realDonaldTrump The new Fake News narrative is that there is CHAOS in the White House. Wrong! People will always come & go, and I want strong dialogue before making a final decision. I still have some people that I want to change (always seeking perfection). There is no Chaos, only great Energy! — Donald J. Trump (@realDonaldTrump) March 6, 2018 Report

In a statement, Mr Trump said: "Gary... did a superb job in driving our agenda, helping to deliver historic tax cuts and reforms and unleashing the American economy once again.

"He is a rare talent and I thank him for his dedicated service to the American people."

And the markets?

Analysts were pointing to the resignation of Mr Cohn, a free market advocate, as one reason behind a drop in shares across Asia on Wednesday. The Nikkei closed 0.77% down and the Hang Seng 1.03%.

Rick Meckler of LibertyView Capital Management told Reuters that Mr Cohn was "very credible" and the resignation announcement "certainly causes short-term downward pressure".

The dollar continued its retreat against the yen, down from 113 at the start of the year to 105.6 on Wednesday.

European stocks also opened lower, the FTSE 100 and pan-Europe STOXX 600 falling about 0.5% after opening.

Does this herald a new direction?

Analysis by Anthony Zurcher, BBC News, Washington

Gary Cohn was a bit of a stranger in a strange land. He was a Democrat in a Republican White House; an economic globalist working for a president who campaigned on economic nationalism. Now, it seems, Donald Trump's protectionist bent has pushed the top administration economic adviser to the exit.

This was not an unexpected development. By many accounts, there had been a contentious White House fight over whether to impose sweeping sanctions on US steel and aluminium imports - a tug-of-war that was settled, precipitously, by the president himself last week.

There were the rumours that Mr Cohn was only sticking around to see last year's tax bill over the finish line, after his extreme discomfort following the president's warm words about some of the white nationalist marchers involved in violent clashes in Charlottesville last August.

Mr Cohn was reportedly viewed by many Trump loyalists in the White House as an unwelcome interloper. Some on the outside, particularly in the financial world, welcomed him as a moderating influence - along with son-in-law Jared Kushner and daughter Ivanka.

Now the former is leaving and the latter two seem greatly weakened. All this could mark a sharp new direction in White House policy.

What's the trade tariff dispute about?

Last week, Mr Trump announced he would be imposing steep tariffs on steel and aluminium imports - 25% and 10% respectively. He is yet to sign them into effect.

He has regularly argued that other countries have been "taking advantage of" the US on trade for decades.

Trading partners reacted angrily. The EU, which says the steel and aluminium tariffs could cost it €2.8bn ($3.48bn; £2.5bn) a year, has now drawn up a $3.5bn hit list of retaliatory tariffs.

These include higher import duties on bourbon, peanut butter, cranberries, orange juice, steel and industrial products, EU trade commissioner Cecilia Malmstrom said.

There are now fears of a global trade war. Mr Trump said on Tuesday: "When we're behind on every single country, trade wars aren't so bad."

But there is disquiet at his proposals even among members of Mr Trump's Republican party.

House Speaker Paul Ryan was one of those urging Mr Trump to have a "smarter" plan that was "more surgical and more targeted" and avoided the "unintended consequences" of a trade war.

Who will replace Mr Cohn?

Mr Trump tweeted that he would pick Mr Cohn's replacement "soon".

"Many people wanting the job - will choose wisely!" he added.

Media playback is unsupported on your device Media caption Trump: 'Everybody wants to work in the White House'

Possible candidates mooted by US media include Peter Navarro and Larry Kudlow, a conservative commentator and 2016 campaign adviser.

President Trump tweeted that there was no chaos at the White House but there were "still... some people that I want to change".

'Sensible adult' leaves: US media on Cohn's departure

A piece in Bloomberg carries the concerns of Wall St operators that the White House is losing experienced financial experts. Kathy Wylde, who runs the Partnership for New York City, says: "Gary was one that we counted on."

A Washington Post article headlined "Gary Cohn didn't get much done. But it could be worse - and it probably will" says the adviser was an "odd duck" but that it is hard to fault him, given "the Trump administration has been too understaffed and unfocused to get much done".

An editorial in the New York Times says Gary Cohn was "supposed to be among the sensible adults in the room. Now, he is leaving after failing repeatedly to be the stabilising influence that the Trump administration sorely needed".

Bill Powell in Newsweek says there are two things Donald Trump really likes - a rising stock market and tariffs. But one thing the resignation of Gary Cohn makes abundantly clear, he says, is that "you can't have both... the world just doesn't work that way".</s>
• Asian stocks dropped Wednesday as investors digested the news of Gary Cohn's plans to leave the White House, and the selling spread to the US market in early trading.
• Major US indexes pared losses in the afternoon following a report stating President Donald Trump's tariff proposals could have "carve outs" for Canada, Mexico, and other key allies.
• Cohn's coming exit reignited fears of a global trade war as traders worry other nations may retaliate against US measures.
• The former Goldman Sachs executive is a proponent of free trade, and he butted heads with President Donald Trump over the recently announced tariffs.

Stocks around the world were sharply lower Wednesday after Gary Cohn's resignation from the White House spurred fears of a global trade war — but major US indexes pared earlier losses in the afternoon hours.

The US market rebounded on a report suggesting President Donald Trump's tariff proposals could have "carve outs" for Canada, Mexico, and other key allies.

The rally came following a sharp decline at the open after Cohn, a former Goldman Sachs executive and champion of free trade, said he'd step down as Trump's top economic adviser at a time when the president is seeking more protectionist measures. Investors have been worried Trump's actions will prompt retaliation from other countries and wind up costing the US economy hundreds of thousands of jobs.

Trump announced sweeping tariffs on steel and aluminum last week, and he has pushed forward on them despite protests from Cohn. There has also been speculation the Trump administration may be close to clamping down on Chinese investments in the US and imposing tariffs there as well.

"Wall Street just lost its security blanket," Chris Krueger, a strategist at Cowen Washington Research Group, wrote in a client note. "We can think of no one who can fill this seat that will give Wall Street as much comfort as Cohn — particularly with the protectionists on the rise and tariffs top of the agenda."

After taking an early beating, industrial stocks pared their losses Thursday, with General Electric, Boeing, and Caterpillar rebounding after each falling more than 0.7%. Meanwhile, steel producers US Steel and AK Steel both climbed more than 0.9%.

Elsewhere in markets, the US 10-year Treasury yield was little changed at 2.88%, while the US dollar index rose 0.2%. Crude oil fell 2%, and gold dropped 0.7%.</s>Gary Cohn, director of the White House National Economic Council, resigned on Tuesday after President Donald Trump made clear that he would reject globalism and pursue new tariffs on aluminum and steel imports.

Cohn lasted less than 14 months on the job.

A former Goldman Sachs executive and lifelong Democrat known for his support of free trade, Cohn in recent weeks had been working to soften or delay nationalist policies in the Trump Administration. He reportedly told aides last week that he might resign if Trump imposed his planned tariffs.

“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,” Cohn said 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.”

In his White House role, Cohn is credited with leading last year’s effort to overhaul of the U.S. tax code, among other projects. He is the latest in a series of departures of senior administration officials, including communications director Hope Hicks and staff secretary Rob Porter.

Previously on :

 —The U.S. Oil and Gas Industry Is Howling About Donald Trump’s Steel Import Tariffs

 —Why Corporate America Hates Trump’s Tariffs Proposal

 —How Donald Trump’s Steel and Aluminum Tariffs Could Start a Trade War

 —Commentary: Our Last Trade War Was a Global Disaster. This Time Won’t Be Any Different.

 —Trump Tweets NAFTA Ultimatum: The Tariffs Stay Until a ‘Fair’ Deal Is Signed</s>United States President Donald Trump's top economic adviser, Gary Cohn, has announced he is resigning, a decision that came after he lost a fight within the White House over plans to impose hefty steel and aluminium tariffs.

White House officials said the dispute over tariffs contributed to Mr Cohn's decision to resign, but was not the only reason.

One official said there had been several issues that led to the parting, but noted: "His biggest mission was on the tax cut bill, which he got passed."

The White House said the timing of Mr Cohn's departure from his role as director of the National Economic Council had not been finalised but was still a few weeks away.

It is the latest in a series of high-profile departures from the White House.

Mr Trump's announcement last week of his plans to impose the tariffs sent US stock prices tumbling and came after an intense debate within the White House between Mr Cohn and other advocates of free trade, on one side, and protectionist advisers such as Peter Navarro on the other, White House sources said.

Mr Cohn, who served in the White House for a little more than a year, struck an early rapport with Mr Trump and proved influential in the administration's decisions last April not to label China a currency manipulator and to renegotiate the North American Free Trade Agreement, instead of terminating it.

He also emerged as one of the main drivers of the tax overhaul package passed by Congress and signed into law by Mr Trump late last year. The overhaul was Mr Trump's first major legislative victory.

"It has been an honour to serve my country and enact pro-growth economic policies to benefit the American people, in particular the passage of historic tax reform," Mr Cohn said in a statement issued by the White House.

"I am grateful to the President for giving me this opportunity and wish him and the administration great success in the future."

Mr Cohn's relationship with Mr Trump began to sour last summer, after Mr Cohn disagreed with the President's tepid response to clashes between neo-Nazis and anti-racism protesters in Charlottesville, Virginia, sources close to Mr Cohn said.

Mr Cohn, a Democrat, had aligned himself with Mr Trump's son-in-law, Jared Kushner, and the President's daughter Ivanka Trump, who are both senior White House advisers and like Mr Cohn, are seen as centrists.

Mr Cohn, a former president and chief operating officer of investment bank Goldman Sachs, was seen as a bulwark within the White House against protectionist policies. Business lobbyists frequently cited Cohn as their strongest ally in the White House.

In a statement, Mr Trump gave Mr Cohn credit for his role in pushing the tax package through Congress and "unleashing the American economy once again".

"He is a rare talent, and I thank him for his dedicated service to the American people," he said.

'We're not backing down'

Mr Trump's plan to impose the tariffs has been met with anxious warnings from House Speaker Paul Ryan and other congressional Republicans of a possible trade war.

It was also branded "absolutely unacceptable" by Canadian Prime Minister Justin Trudeau.

"No, we're not backing down," Mr Trump said in the Oval Office.

The President opened the door to exempting the two countries from the planned tariffs, telling reporters, "that would be, I would imagine, one of the points that we'll negotiate".

But he added: "If they aren't going to make a fair NAFTA deal, we're just going to leave it this way."

Jean-Claude Juncker, president of the European Commission, has said the European Union could respond by taxing American goods including bourbon, blue jeans and Harley Davidson motorcycles.

The tariffs will be made official in the next two weeks, White House officials said on Monday, as the administration defended the protectionist decision from critics in Washington and overseas.</s>What you need to know about Gary Cohn</s>Gary Cohn, chief economic advisor to the president (right) chats with Office of Management and Budget Director Mick Mulvaney in the Indian Treaty Room of the Eisenhower Executive Office Building on October 17, 2017 in Washington, DC. Martin H. Simon/Getty
• Mick Mulvaney, the director of the White House Office of Management and Budget, lavished praise on President Donald Trump's top economic adviser Gary Cohn after Cohn announced his resignation Tuesday.
• In his statement, Mulvaney also took a dig at Cohn, referring to him as a "globalist," a derogatory term used to describe someone who advocates for internationally focused economic policies.
• The term is often used with anti-Semitic undertones in far-right circles.
• Cohn resigned from his post as the director of the National Economic Council amid Trump's plans to institute tariffs on steel and aluminum imports.

The top US budget official managed to simultaneously praise and criticize his former colleague, White House economic adviser Gary Cohn, all in one statement after Cohn resigned from his post on Tuesday.

"As a right-wing conservative and founding member of the Freedom Caucus, I never expected that the coworker I would work closest, and best, with at the White House would be a 'globalist,'" Mick Mulvaney, the director of the Office of Management and Budget, said in a statement.

He continued: "Gary Cohn is one of the smartest people I've ever worked with. Having the chance to collaborate with him will remain one of the highlights of my career in public service."

"Globalist" is often used as a derogatory term used by opponents of free trade and internationally focused economic policy. Some have pointed out that it often carries anti-Semitic undertones, and that far-right news organizations like Breitbart use globe emojis or "globalist" as a way to denote Jewish people, including Cohn.

Cohn announced his resignation as director of the National Economic Council on Tuesday after an up-and-down year in the Trump administration that included public spats with the president and a large legislative success in passing the tax bill.

President Donald Trump's plans to institute wide-ranging tariffs on steel and aluminum imports into the US appeared to be the last straw for Cohn, who has long opposed such policy.

The impending tariffs — 25% on steel and 10% on aluminum — have spurred fears of a global trade war, with countries around the world threatening to impose retaliatory measures. A day after Cohn's exit, those fears kicked into overdrive as stocks around the world tumbled.

Reports that at least some White House officials viewed Cohn as a globalist have been brewing for some time. Last September, amid simmering tensions between Cohn and Trump in the wake of Trump's controversial comments on the violent protests in Charlottesville, Cohn was asked during an interview with CNBC whether the president ever called him a globalist.

Cohn only said that the he and the president had a "good relationship."

This isn't the first time a White House official has used the term to disparage a colleague. Last April, The Daily Beast reported that then-White House chief strategist Steve Bannon vented about Trump's son-in-law and senior adviser Jared Kushner "being a globalist."</s>Gary Cohn, President Trump's top economic adviser, announced Tuesday that he's stepping down, marking the latest departure from a White House besieged by resignations.

Cohn's abrupt announcement comes as Trump has pledged to impose steep penalties on steel and aluminum imports, infuriating mainstream Republicans and even some members of his own administration.

But the White House would not address any particular reason for Cohn's resignation.

"Gary has been my chief economic adviser 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, 57, has served as the director of Trump's National Economic Council since the inauguration, a senior position that involves advising the President on sensitive trade issues. Cohn is expected to leave in the coming weeks, following the footsteps of communications director Hope Hicks and staff secretary Rob Porter, among others.

"It has been an honor to serve my country and enact pro-growth economic policies to benefit the American people, in particulra the passage of historic tax reform," Cohn said 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."

But Cohn's cordial words sharply contrast rumors that he was enraged by Trump's announcement last week that he will impose 10% tariffs on aluminum imports and 25% tariffs on steel imports.

Cohn, a former investment banker and a strong proponent of free trade, has fought off a number of economic policies catering to Trump's nationalist base, repeatedly pitting him against some of the President's right-wing aides.

Cohn says stopping state, local tax deductions up for discussion

Cohn first threatened to leave the chaotic Trump administration last summer after the President refused to unequivocally condemn racism and white supremacy in the wake of a deadly white nationalist rally in Charlottesville, Va. The mere threat set financial markets tumbling.

Cohn's resignation came hours after Trump fought back against suggestions that his administration is constantly embroiled in controversy and suffers from a hectically high turnover rate.

“The new Fake News narrative is that there is CHAOS in the White House," Trump tweeted Tuesday morning. "Wrong! People will always come & go, and I want strong dialogue before making a final decision...There is no Chaos, only great energy!”

Trump doubled down on his apparent love of confrontation during a combative White House press conference with Swedish prime minister Stefan Lofven later in the day.

Trump adviser Gary Cohn says tax plan might not help middle class

"I like conflict," he told reporters. "I like different points of view."

Cohn was absent at afternoon press conference and a seat reserved for him in the East Room was filled by a different aide.</s>Top Trump economic adviser Gary Cohn is leaving the White House after breaking with President Donald Trump on trade policy.

Cohn, the director of the National Economic Council, has been the leading internal opponent to Trump's planned tariffs on imports of steel and aluminum. He has tried to orchestrate an eleventh-hour effort to push Trump to reverse course. But Trump has been resistant to those efforts, and reiterated Tuesday he will be imposing the tariffs in the coming days.

In a statement, Cohn says it was his honor to serve in the administration and "enact pro-growth economic policies to benefit the American people."

Trump praised Cohn despite the disagreement, saying Cohn has "served his country with great distinction."
U.S. National Economic Council director Gary Cohn announces his resignation.