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Gary Cohn Resigns

 

Gary Cohn Resigns

Courtesy of Zero Hedge

The great power shift we predicted one week ago, was just confirmed by the NYT which reported that Gary Cohn, former Goldman president and COO and President Trump’s top economic adviser, is resigning, "the latest in a series of high-profile departures from the Trump administration, White House officials said on Tuesday."

President Trump has confirmed Cohn's departure: "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."

Cohn also issued a statement: “It has been an honor to serve my country and enact pro-growth economic policies… I am grateful to the president for giving me this opportunity and wish him and the administration great success in the future."

According to the NYT, officials insisted "there was no single factor behind the departure of Mr. Cohn" but his decision to leave came after he seemed poised to lose an internal struggle amid a Wild West-style process over Mr. Trump’s plan to impose large tariffs on steel and aluminum imports.

This is the same "power struggle" we described with the following tweet:

Cohn is expected to leave in the coming weeks. He will join a string of recent departures by senior White House officials, including Trump’s communications director and a powerful staff secretary.

It is likely that Cohn will still be allowed to keep the $284 million in tax-free proceeds  he unlocked by leaving Goldman and joining the Trump admin for just over a year.

One thing that is certain is that Cohn's departure confirms that a worldwide trade war is about to break out, and is a good enough reason to reread the following article from this morning: "What If Trump Does Not Back Down, And Why Is "$1 Trillion" Being Floated Around Washington?"

Confirming that, Axios reports that Trump has canceled the Thursday tariff meeting that Cohn had arranged with various anti-tariff CEOs.

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In a kneejerk reaction, USDJPY and US equities have tumbled following news of the Cohn resignation.

And S&P 500 ETF is down 1%…


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