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Wednesday 07 March 2018 7:37 am  |  Updated:  Tuesday 04 June 2019 7:39 pm

Trump-fuelled trade war fears grow as Gary Cohn exits the White House

By: Alys Key

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One of Donald Trump's key economic advisers has resigned from his position in the administration, prompting fears of a growing rift over trade barriers.

Gary Cohn, an advocate of free trade, is reportedly leaving over a dispute with the President regarding steel and aluminium tarrifs.

He will depart in the coming weeks.

Trump said of Cohn that he had helped "to deliver historic tax cuts and reforms and unleashing the American economy once again".

He tweeted that a decision on a replacement would be made soon.

Cohn joins a chorus of voices raising concerns over Trump's trade barrier plans, which so far include Prime Minister Theresa May, Goldman Sachs and the European Union, which is plotting a possible retaliation.

Global fears of a trade war have impacted the markets over the last few days, especially in Asia where the Nikkei hit a five-month low

Despite opposition, Trump has insisted that "trade wars are good", and has not yet shown any sign of backing down.

 

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