LOGIN JOIN SHARECAFE SIGN UP FOR OUR NEWSLETTER ADVERTISE
share cafe logo  
 
SHARECAFE COMMENTARY

Trump Tariff War Sees Key Economic Adviser Resign
BY GLENN DYER - 07/03/2018 | VIEW MORE ARTICLES BY GLENN DYER

Dow futures, the S&P 500 and Nasdaq all fell more than 1% in Asian trading Wednesday morning after news broke of the resignation of Gary Cohn as Donald Trump’s special economic adviser.

Dow futures were down 360 points just after 10.30 am, the S&P lost 33 points and Nasdaq futures were off 86 points. If these falls are sustained it will be a red-ink stained session in the rest of Asia and then Europe and finally the US tonight.

The ASX 200 continued its early session fall after news of Cohn’s resignation emerged and was down more than 40 points mid morning.

Cohn was the only person who gave his White House any credibility for business and the economy.

US media reports say Cohn, President Trump’s top economic adviser, quit over Trump’s proposed tariffs on steel and aluminium imports.

Trump said Cohn "did a superb job" in his position. “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,” Trump said. “He is a rare talent, and I thank him for his dedicated service to the American people.”

Cohn, a Wall Street banker who was the number 2 at Goldman Sachs, was a key architect of the 2017 tax overhaul and an opponent of the rightwing protectionist forces within the Trump administration.

This bad news for Australia and the Turnbull government’s pleas to trump to be exempted (Trump again ruled out any exemptions overnight).

RBA governor, Phil Lowe criticised the proposal tariffs at a conference in Sydney on Wednesday. He said the tariffs could trigger a “very big shock” for the world economy.



View More Articles By Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

At the AFR he was a finance writer, Finance Editor, News Editor and Chief of Staff. At the Nine Network he was supervising producer of Business Sunday for more than 16 years. He has also written for other online and analogue print publications here and overseas.



 

SHARECAFE VIDEO


What are the current opportunities and key risks?

More video   

RECENTLY ADDED TO SHARECAFE


 › Stronger USD Keeps Heat On Gold, Metals
 › Oil Rallies As OPEC Confirms Modest Output Hikes
 › Shares In Countdown To June 30
 › Diary: Local Jobs, EU Summit, US Housing
 › ASX Outshines Wall St Over The Week
 › Monday At The Open
 › Marcus Today End Of Day Report
 › Friday At The Close
 › Australian Dollar: Everything You MUST Know In 5 Charts
 › Consumers Are Driving China's Economic Growth - And Foreign Investors Have Noticed
 › US Supreme Court Rules States Can Tax Online Sales
 › Tolga & The Boys Await News From The Alderan Front
 › Market At Midday On Friday
 › Birds, Bees And Bugs, Going, Going, Gone
More ShareCafe   

GET THE SHARECAFE BREAKFAST BRIEFING


Delivered free to your inbox before the market opens each trading day. Sign up below +