No Script

Please Wait...

Al-Ahed Telegram

Trump Steps up Trade Threats as Advisor Cohn Resigns in Protest

Trump Steps up Trade Threats as Advisor Cohn Resigns in Protest
folder_openUnited States access_time6 years ago
starAdd to favorites

Local Editor

White House economic advisor Gary Cohn became the latest casualty of US President Donald Trump's tumultuous administration, resigning in protest Tuesday as Trump stepped up his threats of steep tariffs on steel, aluminum and European cars.

Trump Steps up Trade Threats as Advisor Cohn Resigns in Protest

Asian stocks opened lower Wednesday amid fears the American president would embark on a more protectionist drive, despite US stocks finishing higher partly due to expectations for a detente in the Korean peninsula but with investors still struggling to discern whether Trump would follow through on restrictive trade measures.


Cohn led the charge on a tax cut proposal approved by Congress in December, but lost the internal struggle against more protectionist voices over trade tariffs.


"Gary has been my chief economic advisor and did a superb job in driving our agenda," Trump said in a statement. "He is a rare talent, and I thank him for his dedicated service."


Meanwhile, the White House downplayed the idea Cohn resigned over more aggressive trade policies, but only moments before the announcement, Trump showed no signs of backing down even in the face of opposition from his own party.


Speaking to reporters, Trump said he was elected to protect American workers and industries that had been harmed by years of unfair trade policies.


"Our country has been taken advantage of by everybody. By everybody. And we cannot let that happen any longer," Trump said during a joint press conference with Swedish Prime Minister Stefan Lofven.


But Trump's aggressive plan to punish abusers by imposing 25 percent tariffs on steel and 10 percent on aluminum, against friend and foe alike, angered US trading partners.


It also startled US automakers and firms that rely on those metals and the free flow of trade.


Even administration officials were caught off guard by the announcement late last week, since the legal review had not been completed.


Source: News Agencies, Edited by website team

Comments