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

Alys Key
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President Trump Meets With Members Of Congress On Trade
Gary Cohn has resigned from the White House (Source: Getty)

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 tariffs.

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.

Read more: Donald Trump’s trade war poses a serious threat to the global economy

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