Donald Trump's announcement on March 1 that the the US would put a massive, across-the-board tax on imported steel and aluminum jolted markets, alarmed CEOs, and sparked a chaotic scramble in Washington, DC to change his mind, though any means necessary.
That scramble claimed its first victim yesterday, when the White House announced Trump's top economic advisor, Gary Cohn, was resigning. Cohn, who had pushed hard against the tariffs and threatened quit if they were enacted, said Tuesday it was “an honor to serve my country,” and wished the president luck.
Meanwhile, captains of industry are phoning the White House, Congressional Republicans are openly criticizing the decision and quietly discussing taking away some presidential powers, and foreign leaders have been ringing Trump directly. Some have promised to retaliate. Tariffs would destroy five US jobs for every one they create and could set off a global trade war, critics warn.
Read Full Article »