In a widely expected move, Gary Cohn to Resign as Trump Economic Adviser After Trade Dispute.

“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,” Cohn said in a statement released by the White House to reporters. “I am grateful to the president for giving me this opportunity and wish him and the administration great success in the future.”

The president’s announcement on Thursday that he would press forward with a 25 percent tariff on steel imports and 10 percent on aluminum 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.

One person with knowledge of the chaotic West Wing decision-making process said Cohn and Commerce Secretary Wilbur Ross, who had recommended the tariffs to the president, privately argued over the issue just hours before it was announced.

Trade Wars Will Not Bring Back Jobs

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​Trump is promoting trade wars that mathematically cannot be won.

For a mathematical explanation of trade deficits, please see Trump's Tariffs Show He's "Clueless About Trade".

Also see Kindergarten Arithmetic 101: Analysis of the Trade Debate.

Mike "Mish" Shedlock