Trump's top economic advisor cohn quits after trade dispute


General Electric dipped 1.3 per cent after Deutsche Bank analysts warned of the potential impact from Trump's planned tariffs on steel and aluminum.

World leaders condemned the announcement, and the European Union proposed tariffs on Harley-Davidson motorcycles and other US products.

Days before Mr Trump's inauguration, JPMorgan Chase & Co Chief Executive Officer Jamie Dimon explained in a Bloomberg Television interview why he wasn't anxious about the future of the USA, despite the incoming president's populist campaign.

Brigitte Zypries said Europe wants to avoid a trade war, but added that the European Union will be "ready to act appropriately" in response to US tariffs, The Associated Press reported. Trump has said he will remedy what he terms the jobs- and industry-destroying deficits. All of a sudden he chose to impose 25 per cent tariffs on imported steel, and 10 per cent on aluminium. Herbert said he'd recently attended a Deer Valley meeting of a group of Republican governors and "didn't hear from anybody that supported tariffs on steel and aluminum". That comes despite stern warnings from Cohn, congressional Republicans, businesses and foreign governments that such across-the-board tariffs could hurt the USA economy, drive up prices for American consumers and lead to a trade war.

But taken as a whole, the tariffs serve as one viable means to achieve relief from decades of dumping low-cost subsidized steel products into the US market, causing great harm and distress to American producers such as Vallourec Star, Wheatland Tube and others in the Mahoning Valley. Although the measure is created to hit China, its main impact will be on USA allies like Canada.

The administration "stretches the definition of a national security threat to the breaking point", says Alden at the Council on Foreign Relations.

In fact, it is protection of our national security that gives our president carte blanche authority to bypass traditional bureaucratic and time-consuming delays in implementing crucial trade remedies. But for many, he was a reassuring presence, one of the so-called "adults in the room" and a committed globalist who could counteract the protectionist tendencies of the economic nationalists such as Steve Bannon and Peter Navarro. Yeah, there'll be people - I'm not going to be specific - but there'll be people that change. "It is not in the interest of the US economy, or the "forgotten men and women" of America, to restrict these vital imports".

During his stay at the White House, he led coordination of Trump's pro-growth domestic and global economic policy agenda, including the passage of historic tax cuts and reforms in December 2017, the official said. "The resignation of Cohn, prompted a renewed sell-off in the US Dollar, with the EUR/USD trending towards 1.24 from 1.22 a few days ago". And it's only the United States' 11th-biggest steel importer. Canada, a steadfast ally.

His announcement on steel and aluminum tariffs drew protests from major trading partners like the European Union and Canada, as well as criticism from some American business leaders.

Possible candidates mooted by U.S. media include Peter Navarro and Larry Kudlow, a conservative commentator and 2016 campaign adviser. DS Smith trading in-line with expectations, paper price rise recovery progressing well, box volumes strong; H2 profitability to beat H1, helping FY in-line with past year.

"The world is interconnected", she wrote, "not zero-sum".