Free Traders Down, Gary Cohn Out — White House Watch

President Trump Meets With Steel And Aluminum Manufacturing Industry Leaders March 1st 2018

She also said the EU was "intensively talking" to US counterparts to try to persuade Washington "to have a rethink". This week, Cohn said he was leaving his post as the administration prepares to impose steep tariffs on steel and aluminum that he has opposed.

Economists see it rather differently. "The new tax reform law has boosted the economy and we certainly don't want to jeopardize those gains". The fear that Trump will proceed with tariffs pushed the steelmaker index to an eight-month low.

Wall Street clearly agrees.

The EU has condemned US plans for tough tariffs on steel and aluminium imports, saying they jeopardise European jobs.

POLITICO published an EU retaliation list on Tuesday.

Other emerging market currencies that typically move in sympathy with the dollar were lower, with the South African rand and Russian rouble both down around 0.5 per cent against the dollar.

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.

Cohn, a former Goldman Sachs president, helped design Trump's tax cuts and was one of the administration's leading proponents of free trade. "They all want a piece of the Oval Office". The aide, who is Jewish, had threatened to resign after Trump refused to condemn neo-Nazi groups who protested in Charlottesville, Virginia. The US auto market has grown from 10 million units sold in 2009 to over 17 million in 2016.

But shielding one domestic industry from foreign competition can hurt others by driving up prices. "It made it clear that it would have no reason to keep nuclear weapons if the military threat to the North was eliminated and its security guaranteed". This may be the case if a 'fair' NAFTA agreement is signed.

With the probe into China, known as a Section 301 action, U.S. officials are also considering a more targeted approach that would seek to rein in Chinese investments, the people said.

"Today, uncertainty on the US trade policy will remain the key factor for global FX trading".

One More Thing-Congressional Republicans remain none too thrilled about the proposed tariffs, as many of them told my colleague Haley Byrd Tuesday. "That means that the EU is entitled" to retaliate under World Trade Organization rules. "I wrote up Cohn's departure this morning as a real risk to consider". The Canadian firm claims that time-stamps on messages and the tagging of people in photographs are covered by its patents, as is functionality designed to protect users from being inundated with notifications. "He is looking out for American companies and American workers with trade deals that are just not fair". The euro rose to $1.2421 from $1.2406. And it's only the United States' 11th-biggest steel importer. Canada, a steadfast ally.

John F. Kelly, Trump's chief of staff, praised Cohn. Cohn's departure "undermines confidence that there's somebody in the White House who understands the financial industry", she said later.

White House chief economic adviser Gary Cohn speaks during a press briefing at the White House in Washington, U.S., September 28, 2017. She noted that German automakers made 845,000 cars in the United States last year.

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