The resignation of Donald Trump’s top economic adviser sent a shudder through markets and prompted alarm among corporate leaders yesterday as business braced for the White House to pursue more protectionist measures.
Leading corporate lobbyists said the departure of Gary Cohn, a centrist force in the White House policy maelstrom, could endanger the economic gains flowing from recent corporate tax cuts and undercut US leadership if it led to more aggressive actions on trade.
Despite the warnings from investors and corporate interests, the administration said it would press on with tariffs on steel and aluminium imports, which are championed by Cohn rivals Peter Navarro, White House trade adviser, and commerce secretary Wilbur Ross.
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