Trump's economic adviser quits over tariffs

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Thankfully, it appears saner minds prevailed and President Trump's initial foray into tariffs are symbolic.

Trump had indicated he would be flexible toward "real friends", and during the signing confirmed Canada and Mexico would be permanently exempted if the ongoing renegotiation of the North American Free Trade Agreement is successful.

Expat Kiwi businessman Chris Liddell is expected to become the White House's new economic adviser following the departure of Gary Cohn last week, according to U.S. media reports. But Trump's protectionist policies and unpredictable approach to policymaking have made a once prestigious gig unpalatable for many. Trump recently declared that "trade wars are good, and easy to win".

"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.

Stock prices moved higher with the proposed plans of tax cuts and deregulation by President Trump.

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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.

Trump has hinted that he has accepted Navarro's position, since he can use the steel tariffs as a negotiating ploy to gain concessions from Canada and Mexico - two of the four largest steel exporters to the U.S. - on the renegotiation of the North America Free Trade Agreement.

The announcement followed a day of confusion in Washington, with lawmakers left in the dark about the specifics of Trump's plan until a legislative briefing was scheduled just minutes before the White House ceremony. "They have total, total control over him", Trump said of Cruz.

The departure of Gary Cohn as the head of the United States' National Economic Council may be the most consequential personnel change in the Trump administration to date.

Cohn was in the middle of a major policy dispute inside the Trump administration over trade policy. Navarro later said he was not on Trump's shortlist.

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"Congress can not be complicit as the administration courts economic disaster", said Sen. But his aides, mindful of the difficulties they have had attracting people from outside the White House, have been looking internally.

Trump announced a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports.

The departure of Mr. Cohn could have a ripple effect on the financial industry.

Paradoxically, Wall Street can take some comfort on trade from Trump's freewheeling operating style. He waited as tariff decision deadlines set by Ross ticked closer, and the White House turned its attention back to trade after deciding to table the divisive issue while it worked on health care and taxes.

"In the tariff situation, the globalists like Cohn clearly were body slammed", said Stan Collender, a federal budget expert and executive vice president at MSL, a global communications firm.

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