Gary Cohn, the chief economic adviser of President Trump, stepped down from his post after the president opted last week to slap tariffs on steel and aluminum imports, a decision Cohn was not in favor of.
More: Jeff Bezos' wealth is now equal to 2.3 million Americans'
More: Feds, defense lawyers clash over pharma bro Martin Shkreli's recommended sentence
More: Double taxation? These 13 states tax your Social Security benefits
The initial market reaction to Cohn's departure was negative, as the ex-Goldman Sachs executive was viewed as a pro-business and pro-free trade policy maker. Cohn was also instrumental in getting the landmark tax cut plan passed in December. That plan, which slashed the corporate tax rate to 21% from 35%, will help corporations boost profits, and has helped drive up stock prices.
In pre-market futures trading, the Dow Jones industrial average was down about 250 points, or 1%.
Cohn was well respected on Wall Street and his departure creates fresh uncertainty as to whether Trump will move toward a more protectionist trade policy and who will replace the outgoing adviser. His departure comes at a time when the stock market is already worried about the risk of rising interest rates and fears of a global trade war.
Source: usatoday
No comments:
Post a Comment