White House Economic Adviser Gary Cohn has resigned from the Trump administration. Cohn, originally a senior executive of Goldman Sachs, has served in the Trump White House since inauguration.
His resignation signals that President Donald Trump's proposed tariffs are increasingly likely to become U.S. trade policy.
The officials insisted there was no single factor behind the departure of Mr. Cohn, who heads the National Economic Council. But his decision to leave came after he seemed poised to lose an internal struggle amid a Wild West-style process over Mr. Trump’s plan to impose large tariffs on steel and aluminum imports.
It had been previously reported that Cohn would resign from the White House if Trump implemented his controversial tariff policy.
Director-General Roberto Azevêdo of the World Trade Organization said the following about the effect Trump's proposed tariffs could have on global trade:
"Once we start down this path, it will be very difficult to reverse direction. An eye for an eye will leave us all blind and the world in deep recession. We must make every effort to avoid the fall of the first dominoes."