It didn’t take long for the futures market to react. After it was reported Tuesday evening that Gary Cohn plans to resign, Dow futures plunged 410 points, or 1.7%, at the moment. He matters to Wall Street. As Director of the National Economic Council, he’s President Trump’s top economic adviser. He’s also a former Goldman Sachs executive and a free-trade Democrat.

He was one of the few remaining “globalists” in the White House. He’d opposed the tariffs on steel and aluminum imports that Trump has been proposing and tweeting about since last week, including Trump’s now immortal “Trade wars are good” tweet on March 2:

“When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win. Example, when we are down $100 billion with a certain country and they get cute, don’t trade anymore-we win big. It’s easy!”

Source: Dow Futures Drop 420 Points, as Cohn Plans to Resign, Igniting Trade-War Fears | Wolf Street


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