On Twitter, Trump says will pick new chief economic adviser soon

ImageMichael D. Cohen a longtime personal lawyer for President Trump in September

ImageMichael D. Cohen a longtime personal lawyer for President Trump in September

Yet as the news sunk in, Wylde grew anxious.

Markets' reaction to Cohn's resignation will focus on two questions in coming days: Will the White House signal a possible delay in imposing tariffs, allowing for a cooling-off period, or will it detail broad exemptions that significantly dilute their impact?

On the campaign trail, Trump painted Wall Street executives as greedy villains. He also helped negotiate and secure votes for the GOP tax overhaul, which included rate reductions for corporations. It's losing friends on the inside.

"Many people wanting the job - will choose wisely!" he wrote. Chief Executive Officer Jamie Dimon explained in a Bloomberg Television interview why he wasn't anxious about the future of the US, despite the incoming president's populist campaign.

Trump adviser and economist Larry Kudlow has always been seen as a potential candidate to join the administration.

Cohn had argued that the tariffs would damage the U.S. economy, but despite his objections, Trump ended up imposing them.

The president's announcement on Thursday that he would press forward with a 25 percent tariff on steel imports and 10 percent on aluminium left markets reeling and served as a public rebuke of Cohn, the director of the National Economic Council, who had furiously lobbied against the penalties.

Well, Mr. President. If everybody wanted to work in the White House, why can't anyone in the White House hold down a job? Cohn's exact departure date is unclear.

Following the news of Cohn's departure, United States stock futures tumbled with Dow Jones industrial average futures down over 300 points, or 1.3%, and S&P 500 futures down a little over 1% as well.

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On Fox News, Conway was commenting on the Alabama special election for a U.S. Senate seat.

President Trump arrives with Director of the National Economic Council Gary Cohn at the U.S. Capitol to meet with House Republicans ahead of their vote on the "Tax Cuts and Jobs Act" in Washington, U.S., November 16, 2017.

"This could be a problem for nominations, especially if someone else is named in a reasonably quick matter and clears out the NEC", said Brandon Barford, a partner at Beacon Policy Advisors.

Mnuchin noted that he has been working on the specifics of the tariff plan, which will be announced this week, "and I think we have a way of managing through this". "And he's got the Goldman Sachs pedigree and that's a very comforting thing for people", said Stephen Massocca of Wedbush Securities.

Walter Shaub - the head of the US Office of Government Ethics, who clashed with Trump and his administration, stepped down in July before his five-year term was to end.

Cohn did not reply, according to the report.

"Trade was the last straw", the same person said.

Lloyd Blankfein, the CEO of Goldman Sachs, sent out a tweet on Tuesday crediting Cohn for his service and saying he is "disappointed to see him leave".

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