Trump economic adviser Cohn quits after dispute over tariffs

WASHINGTON, March 6 (Reuters) - Top White House economic adviser Gary Cohn, a Wall Street banker who opposes hefty steel and aluminum tariffs planned by U.S. President Donald Trump, said on Tuesday that he was resigning.

"It has been an honor to serve my country and enact pro-growth economic policies to benefit the American people, in particular the passage of historic tax reform. I am grateful to the President for giving me this opportunity and wish him and the Administration great success in the future," Cohnsaid in a statement issued by the White House.

His departure as director of the National Economic Council came after a little more than a year on the job.

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Notable people who have been fired or resigned from Trump's administration
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Notable people who have been fired or resigned from Trump's administration

White House Communications Director Hope Hicks reportedly announced her resignation after testifying about her job and being required to tell "white lies."

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H.R. McMaster was replaced by John Bolton as national security advisor in March 2018.

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Director of the National Economic Council Gary Cohn announced his resignation in March 2018 after becoming a key architect of the 2017 tax overhaul 

(REUTERS/Aaron P. Bernstein)

Sally Yates was fired from her post as acting attorney general when she refused to enforce President Trump's travel ban. 

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Michael Flynn resigned as national security adviser in February after misleading Vice President Mike Pence about his interactions with Russian officials. 

(REUTERS/Carlos Barria)

President Trump announced David Shulkin was out as secretary of veterans affairs by sending a tweet announcing he had nominated his personal physican, Ronny Jackson, to replace him on March 28, 2018.

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Trump fired Deputy Chief of Staff Katie Walsh amid White House leaks in April.

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President Trump fired U.S. Attorney in Manhattan Preet Bharara in March.

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Trump fired FBI Director James Comey in early May.

(REUTERS/Jonathan Ernst)

Mike Dubke resigned as White House communications director in late May.

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Walter Shaub, former Director of the United States Office of Government Ethics in Washington, DC resigned in July.

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Former White House Press Secretary Sean Spicer resigned in July.

(June 20, 2017. REUTERS/Jonathan Ernst)

Former White House Chief of Staff Reince Priebus resigned in July.

(REUTERS/Joshua Roberts)

Former advisor to President Donald Trump Steve Bannon resigned in August.

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Anthony Scaramucci, former White House communications director was fired in July after just 10 days on the job. 

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Former Secretary of Health and Human Services Tom Price resigned in late September. 

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White House Staff Secretary Rob Porter arrives with U.S. President Donald Trump and first lady Melania Trump aboard Air Force One at Joint Base Andrews, Maryland, U.S. February 5, 2018. Picture taken February 5, 2018. REUTERS/Jonathan Ernst
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Following the news of Cohn's departure, the U.S. dollar weakened, while an exchange-traded fund tracking the broad market S&P 500 dipped 1 percent.

Trump's announcement last week of his plans to impose the tariffs sent U.S. stock prices tumbling and came after an intense debate within the White House between Cohn and other advocates of free trade, on one side, and protectionist advisers such as Peter Navarro on the other, White House sources said.

Cohn, a former president and chief operating officer of investment bank Goldman Sachs, was seen as a bulwark within the White House against protectionist policies. Business lobbyists frequently cited Cohn as their strongest ally in the White House.

"Gary Cohn is one of the true Wall Street all stars behind the Trump tax plan. He will be missed. We thought he might switch mid-term and become the Treasury Secretary. He is that good," said Andrew Brenner, the head of international fixed income at NatAlliance Securities LLC.

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Trump's top economic adviser Gary Cohn
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Trump's top economic adviser Gary Cohn
White House chief economic adviser Gary Cohn speaks during a press briefing at the White House in Washington, U.S., September 28, 2017. REUTERS/Yuri Gripas
Gary Cohn, director of the U.S. National Economic Council, right, speaks with Hope Hicks, White House director of strategic communications, before a moment of silence with U.S. President Donald Trump, not pictured, in remembrance of those lost during the September 11, 2001 terrorist attacks, on the South Lawn of the White House in Washington, D.C., U.S., on Monday, Sept. 11, 2017. Trump is presiding over his first 9/11 commemoration on the 16th anniversary of the terrorist attacks that killed nearly 3,000 people when hijackers flew commercial airplanes into New York's World Trade Center, the Pentagon and a field near Shanksville, Pennsylvania. Photographer: Andrew Harrer/Bloomberg via Getty Images
Director of the National Economic Council Gary Cohn stands before a moment of silence in the wake of a mass shooting in Las Vegas at the White House in Washington, U.S., October 2, 2017. REUTERS/Joshua Roberts
National Economic Council director Gary Cohn (L) and White House Chief of Staff John Kelly speak during a meeting between U.S. President Donald Trump and Puerto Rico Governor Ricardo Rossello in the Oval Office of the White House in Washington, U.S., October 19, 2017. REUTERS/Kevin Lamarque
Gary Cohn, the director of the U.S. National Economic Council, smiles during the Group of Thirty (G30) International Banking Seminar in Washington, D.C., U.S., on Sunday, Oct. 15, 2017. The seminar takes place to coincide with the Annual Meetings of the International Monetary Fund (IMF) and World Bank Group. Photographer: Olivier Douliery/Bloomberg via Getty Images
(L-R) U.S. Secretary of State Rex Tillerson, White House senior advisor Jared Kushner, National Security Advisor H.R. McMaster and chief economic advisor Gary Cohn leave notes at the Western Wall in Jerusalem May 22, 2017. REUTERS/Jonathan Ernst
National Economic Council director Gary Cohn listens during a meeting between U.S. President Donald Trump and Puerto Rico Governor Ricardo Rossello in the Oval Office of the White House in Washington, U.S., October 19, 2017. REUTERS/Kevin Lamarque
White House chief economic adviser Gary Cohn sits with other administration officials for a news conference with Kuwait's Emir Sabah Al-Ahmad Al-Jaber Al-Sabah and U.S. President Donald Trump at the White House in Washington, U.S. September 7, 2017. REUTERS/Jonathan Ernst
White House senior adviser Jared Kushner (L) and economic adviser Gary Cohn take part in a meeting in the Cabinet Room of the White House in Washington, U.S., September 7, 2017. REUTERS/Kevin Lamarque
Gary Cohn, U.S. President Donald Trump's top economic adviser, steps from Air Force One at Joint Base Andrews in Maryland, U.S., August 30, 2017. REUTERS/Kevin Lamarque
U.S. President Donald Trump waits on the line as he call Prime Minister Leo Varadkar of Ireland to congratulate him for his victory, accompanied by Director of the White House National Economic Council Gary Cohn and National Security Advisor H.R. McMaster, at the Oval Office of the White House in Washington, U.S., June 27, 2017. REUTERS/Carlos Barria
U.S. Secretary of State Rex Tillerson (C) and Director of the White House National Economic Council Gary Cohn (L) attend a dinner hosted by U.S. President Donald Trump (not pictured) welcoming Indian Prime Minister Narendra Modi (not pictured) at the White House in Washington, U.S., June 26, 2017. REUTERS/Carlos Barria
WASHINGTON, DC - SEPTEMBER 28: Director of the National Economic Council Gary Cohn waits to speak during the daily news briefing at the James Brady Press Briefing Room of the White House, September 28, 2017 in Washington, DC. Cohn discussed the administration's plans for reforming the tax code. (Photo by Drew Angerer/Getty Images)
WASHINGTON, DC - SEPTEMBER 28: (L to R) Homeland Security Director Tom Bossert and Director of the National Economic Council Gary Cohn arrive for the daily news briefing at the James Brady Press Briefing Room of the White House, September 28, 2017 in Washington, DC. Cohn discussed the administration's plans for reforming the tax code. (Photo by Drew Angerer/Getty Images)
Kellyanne Conway, senior advisor to U.S. President Donald Trump, left, speaks with Gary Cohn, director of the U.S. National Economic Council, before a moment of silence with U.S. President Donald Trump, not pictured, in remembrance of those lost during the September 11, 2001 terrorist attacks, on the South Lawn of the White House in Washington, D.C., U.S., on Monday, Sept. 11, 2017. Trump is presiding over his first 9/11 commemoration on the 16th anniversary of the terrorist attacks that killed nearly 3,000 people when hijackers flew commercial airplanes into New York's World Trade Center, the Pentagon and a field near Shanksville, Pennsylvania. Photographer: Andrew Harrer/Bloomberg via Getty Images
BRIDGEHAMPTON, NY - AUGUST 5: Richard Kalbacher and Gary Cohn attend Sixth Annual Hamptons Paddle and Party for Pink Benefitting the Breast Cancer Research Foundation at Fairview on Mecox Bay on August 5, 2017 in Bridgehampton, NY. (Photo by Patrick McMullan/Patrick McMullan via Getty Images)
Gary Cohn, director of the U.S. National Economic Council, left, speaks with Ivanka Trump, assistant to U.S. President Donald Trump, right, and Jared Kushner, senior White House adviser, before a moment of silence with U.S. President Donald Trump, not pictured, in remembrance of those lost during the September 11, 2001 terrorist attacks, on the South Lawn of the White House in Washington, D.C., U.S., on Monday, Sept. 11, 2017. Trump is presiding over his first 9/11 commemoration on the 16th anniversary of the terrorist attacks that killed nearly 3,000 people when hijackers flew commercial airplanes into New York's World Trade Center, the Pentagon and a field near Shanksville, Pennsylvania. Photographer: Andrew Harrer/Bloomberg via Getty Images
BRIDGEHAMPTON, NY - AUGUST 5: (L-R) Jason Binn, Ryan Seacrest, Lisa Pevaroff-Cohn and Gary Cohn attend Sixth Annual Hamptons Paddle and Party for Pink Benefitting the Breast Cancer Research Foundation at Fairview on Mecox Bay on August 5, 2017 in Bridgehampton, NY. (Photo by Patrick McMullan/Patrick McMullan via Getty Images)
WASHINGTON, DC - JUNE 21: National Economic Council chairman Gary Cohn stands at the North Portico before President Donald Trump travels to Iowa from the White House in Washington, DC on Wednesday, June 21, 2017. (Photo by Jabin Botsford/The Washington Post via Getty Images)
FILE: Gary Cohn, director of the U.S. National Economic Council, left, speaks with Ivanka Trump, assistant to U.S. President Donald Trump, right, and Jared Kushner, senior White House adviser, before a moment of silence with U.S. President Donald Trump, not pictured, in remembrance of those lost during the September 11, 2001 terrorist attacks, on the South Lawn of the White House in Washington, D.C., U.S., on Monday, Sept. 11, 2017. New Yorks banking regulator has asked Deutsche Bank AG and a pair of local lenders to provide information about their relationships with Jared Kushner, his family and the Kushner Cos., according to people familiar with the matter. Kushners financial and business ties have been of consistent interest for potential conflicts given his broad portfolio as senior adviser to his father-in-law, President Donald Trump. Our editors select the best archive images on Kushner and his family. Photographer: Andrew Harrer/Bloomberg via Getty Images
WASHINGTON, DC - JANUARY 23: Gary Cohn, White House Economic Advisor (R) and National Security Advisor H.R. McMaster brief reporters on President Donald Trump's upcoming trip to the World Economic Forum later this week in Davos Switzerland, at the White House on January 23, 2018 in Washington, DC. (Photo by Mark Wilson/Getty Images)
White House Staff Secretary Rob Porter (L), National Economic Council Director Gary Cohn (C) and advisor Stephen Miller follow US President Donald Trump as he walks from Marine One to the White House January 18, 2018 in Washington, DC. / AFP PHOTO / Brendan Smialowski (Photo credit should read BRENDAN SMIALOWSKI/AFP/Getty Images)
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(Additional reporting by Paul Simao and Jennifer Ablan; Writing by Makini Brice; Editing by Caren Bohan and Peter Cooney)

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