Trump says goodbye to 'globalist' economic adviser Gary Cohn

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In a tweet earlier this morning, Trump said the USA must show quote "great flexibility and cooperation toward those that are real friends and treat us fairly on both trade and the military".

Following the news, the US dollar weakened, while an exchange-traded fund tracking the broad market S&P 500 dipped 1 per cent. Prices for USA government debt barely budged, with analysts expressing concern about trading on Wednesday.

President Trump said Thursday he "still likes" his soon-to-be-ex-economic adviser Gary Cohn, predicting that he'll return to the administration.

"Mr. Cohn was seen as a moderating influence, and now has gone".

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A Democrat, Cohn has long supported free trade and believed the tariffs would put economic growth at risk, the Times reported.

"Gary Cohn is one of the true Wall Street all stars behind the Trump tax plan. He's been terrific", Trump said Thursday.

However, people familiar with Cohn's thinking told the newspaper that the most pressing trigger was Trump's announcement last week that he would levy large tariffs on steel and aluminum imports.

The president said he's going to be "very fair" and "very flexible" on tariffs and reiterated he wants a 25 percent tariff on imported steel and 10 percent on imported aluminum.

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Laughter broke out amongst Cabinet officials, while Trump reiterated Cohn's "globalist" stance.

Hours before Cohn's resignation was announced Tuesday, Trump set a "line in the sand" asking Cohn if he would support the tariffs-and Cohn did not answer, a White House official and an outside adviser to the president told Fox News. "I am grateful to the President for giving me this opportunity and wish him and the Administration great success in the future".

In a statement, Trump gave Mr. Cohn credit for his role in pushing the tax package through Congress and "unleashing the American economy once again".

"He may be a globalist, but I still like him", the president said of Cohn, who was seated just behind him.

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