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Cohn Resigns from Trump Administration

Gary Cohn, director of the National Economic Council, announced on Wednesday that he is resigning from the Trump administration.

Gary Cohn

Cohn, a Democrat who advocates for globalist economic policy, often butted heads with other members of President Donald Trump's White House, including Stephen Bannon, former chief strategist.

Cohn's beliefs on trade policy were often the source of contention within the administration, and a boiling point was reached last week due to heated deliberations on whether to slap tariffs on foreign steel and aluminum.

The New York Times wrote:

Mr. Trump’s announcement last week that he would levy tariffs on aluminum and steel imports was the most immediate catalyst for Mr. Cohn’s departure, according to people familiar with his thinking.

Despite his positions on trade policy, Cohn was a key player in stewarding the passage of the Tax Cuts and Job Act, which cut the U.S. corporate tax rate from 35% to 21%.

Additionally, Cohn was a onetime frontrunner for the Federal Reserve chairmanship. He was passed over by the president in favor of Jerome Powell.

Regarding Cohn's resignation, CNBC wrote:

The former Goldman Sachs president and free trade advocate Cohn, whose departure date has yet to be announced, decided to quit after Trump announced he would impose stiff tariffs on steel and aluminum imports. 
In a prepared statement, Cohn said, '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.' 
'I am grateful to the President for giving me this opportunity and wish him and the Administration great success in the future,' Cohn said. 
In his own statement, Trump said, 'Gary has been my chief economic advisor and did a superb job in driving our agenda, helping to deliver historic tax cuts and reforms and unleashing the American economy once again.' 
'He is a rare talent, and I thank him for his dedicated service to the American people.'