So it finally happened. White House economic top economic adviser Gary Cohn resigned. It’s reported that the decision was made hours after direct confrontation with Trump regarding the steel and aluminum tariffs. Trump requested Cohn to publicly support the tariff plan. But Cohn, as a free trade advocate, didn’t answer. The meeting with industry executives, arranged by Cohn for persuading Trump not to impose the tariffs, was also canceled.
Cohn said in a statement that “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.”
Trump said regarding Cohn that “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.” And, “he is a rare talent, and I thank him for his dedicated service to the American people.”
Stock markets reaction to the news was quiet muted. DOW continued to struggle around 55 H EMA, closed up 0.04% at 24884.12/. Technically, it’s also in proximity to 25000 handle, 50% retracement of 25800.35 to 24127.47 at 25008.91. This will a key near term hurdle for DOW to overcome.
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