Trump administration's Chief Economic Adviser Gary Cohn on Tuesday announced he would quit, adding to a growing list of departures from the White House.
Cohn's exit comes on the heels of the president's proposed plans to introduce tariffs on steel and aluminum imports. The proposed move was described by Trump as an attempt to secure the U.S. industry from foreign competition. Announcement of tariffs led to concerns it would stoke trade wars, including retaliation from countries that import from the U.S., and was reportedly opposed by Cohn, a former Goldman Sachs executive, CNBC reported.
Trump announced 25 percent import duty on steel and 10 percent on aluminum. Following Cohn's exit, futures trading on Wall Street fell sharply. A ripple effect was also reportedly seen in the markets of Japan, Hong Kong, and Australia, according to The Guardian.
In a statement made Tuesday to The New York Times, President Trump termed Cohn a "rare talent" who helped the administration deliver "historic tax cuts."
"Gary has been my chief economic adviser 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."