Finance

Northeast Ohio native Cohn to stay on as White House economic adviser

Northeast Ohio native Cohn to stay on as White House economic adviser”

The council, which had not yet been assembled, would have provided the White House with advice on how to spend billions of dollars to improve the nation's roads, bridges and railways.

"With President Trump's support from both within and outside of the White House waning, the uncertain US political environment is likely to keep the dollar pinned down at these low levels", said strategist Viraj Patel of ING in London. US indexes fell across the board mid-week as President Trump dissolved two advisory councils after CEOs began an exodus after his comments on the rally.

Investors feared the Trump administration might lose a leading architect of the president's economic agenda just as it approaches a critical juncture. It is the latest news that investors say distracts from his campaign pledges to cut taxes and reinvest in USA infrastructure.

Gary Cohn, the top economic advisor to Trump, who is Jewish, was very upset with Trump's comments on the attack, but he has not threatened to resign, the Post reported, citing unnamed people close to Cohn.

"The reality is the ECB is definitely more concerned than the market gave it credit for", said Simon Derrick, chief market analyst with Bank of New York Mellon in London.

But others pleaded with Cohn to stay, with "some telling him, 'You are our last hope, stay in, ' " one of those people said. His criticism of removals of U.S. Confederate monuments that celebrate defenders of slavery sent shivers through markets as investors bet that the stance would hurt Trump's ability to build enough consensus to deliver growth boosts such as tax reform and stimulus spending.

Treasury Secretary Steven Mnuchin is a former Goldman banker, and is working with Mr Cohn to try to shepherd through the President's tax cuts for corporations and individuals.

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"He's anxious about his reputation being trashed, which is much more valuable to him than anything else", the former administration official, speaking on condition of anonymity, said of Cohn.

Trump's comments on Tuesday followed a statement on Monday in which he had bowed to political pressure over his initial response that talked of "many sides" being involved, and had explicitly denounced the Ku Klux Klan, neo-Nazis and white supremacists.

In London, British Prime Minister Theresa May offered a rare rebuke of Trump from so close a USA ally.

Bannon is considered a champion of the far right wing and had feuded with Trump's son-in-law Jared Kushner, who is viewed by some as a more moderate figure.

Senior American military officers usually stay clear of politics, but two more of the USA military's top officers weighed in on Wednesday, without explicitly mentioning Trump. "It's against our Values and everything we've stood for since 1775".

"Given all of the bad news in the last week - the combination of North Korea, this whole civil unrest, the terrorist incidents in Barcelona - the fact that the market is really hanging in there is showing some pretty good resiliency", said Eric Kuby, chief investment officer at North Star Investment Management Corp in Chicago.



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