Published: Tue, March 13, 2018
Global | By Marsha Munoz

Trump Calls Outgoing Economic Adviser 'a Globalist' Who 'Loves His Country'

Trump Calls Outgoing Economic Adviser 'a Globalist' Who 'Loves His Country'

Cohn, a former Goldman Sachs president, resigned Tuesday after losing his fight against stiff tariffs on steel and aluminum.

Beyond imposing retaliatory tariffs on US goods, the EU is prepared to file a case at the World Trade Organization against the Trump administration in cooperation with other countries and to introduce "safeguard" measures to prevent steel shipments from other parts of the world to America from being diverted to the European market and flooding it.

The departure of Gary Cohn as U.S. President Donald Trump's senior economic adviser has Wall Street pondering who would want to leave a well-paying job in the private sector to work in a White House marked by tension, turnover and legal troubles. Our trade partners are already making a list of things we buy from them that will cost more. Other countries started a trade war with the United States and what could have been a quicker departure from depression became a prolonged quagmire.

"We're comfortable that we're going to manage through this so that it is not detrimental to our growth projections", he told Fox Business.

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The president and the combative Navarro share the same hard-line views on trade that were a centerpiece of Trump's campaign. Cohn, a strong personality in his own right, provided ballast against some of Mr. Trump's worst economic-policy instincts.

"There's negligible-to-nothing effects", he said dismissively on CBS, later accusing the media of hyping prospects of a trade war. "I am grateful to the President for giving me this opportunity", Cohn said.

Britain, meanwhile, said it would "work with European Union partners to consider the scope for exemptions outlined today", saying "tariffs are not the right way" to tackle the problem of global over-capacity in steel.

Citing two persons who were briefed on the discussions, The Seattle Times reported on Saturday that Liddell, who is the White House director of strategic initiatives, is seen as a front-runner to replace Cohn as director of the National Economic Council. But the White House has repeatedly undermined its own legal case, including by intimating that the tariffs would be held over Canada and Mexico as some kind of negotiating tool to extract NAFTA concessions. They also say that Trump, who has attacked trade policies since the rise of Japan in 1980s, say he is discounting the benefits of free trade, including increased jobs in other sectors of the economy.

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"He's been terrific", Trump said of Cohn, who is Jewish. "We've been treated very badly by our past administrations, by presidents that represented us that didn't know what they were doing".

Trump announced a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports. He has exempted Canada and Mexico, the former being the largest importer of steel into the United States.

The official said the tariffs would impact the renegotiation of the bilateral free trade deal with the United States that is now underway.

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