Cohn was widely seen as a member of the globalist faction in the White House, and left shortly after Trump announced his intention to impose tariffs on steel and aluminum.
Gary Cohn – a former Goldman Sachs banker often referred to as “Globalist Gary” – has quit as Donald Trump’s top economic advisor.
Cohn had lobbied against Trump’s plan to impose tariffs on steel and aluminum imports, and was widely seen as having lost a power battle to economic nationalists Peter Navarro and Wilbur Ross within the administration.
Here’s what Cohn said in a statement:
“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. I am grateful to the President for giving me this opportunity and wish him and the Administration great success in the future.”
Trump thanked Cohn:
“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. He is a rare talent, and I thank him for his dedicated service to the American people.”
As noted by CNBC, the economic nationalist wing of the White House – represented particularly by Trade Advisor Peter Navarro – is now seen as in the ascendancy:
A member of the Trump administration told CNBC that the resignation of Cohn is “a huge victory for the nationalists. Peter Navarro won the trade battle and now Gary’s given up,” that administration official said. “It literally reestablishes the intellectual framework and the personnel who were originally envisioned after Trump won the election. We can let Trump be Trump.”
While Wall Street will be concerned by Cohn’s departure, his presence in the Trump White House – considering his past work as a banker with Goldman Sachs – was seen as contradicting Trump’s populist campaign.
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