Gary Cohn resigns as Trump's top economic advisor

The US President Donald Trump's top economic adviser, Gary Cohn, has said he was resigning. The decision reportedly came after he lost a fight within the White House over plans to impose hefty steel and aluminium tariffs. The White House, however, said the timing of Cohn's departure from his role as director of the National Economic Council had not been finalized but was still a few weeks away. It is the latest in a series of high-profile departures from the White House.

Following the news of Cohn's resignation, the U.S. dollar weakened, while an exchange-traded fund tracking the broad market S&P 500 dipped 1 percent. Prices for U.S. government debt barely budged.

White House officials say the dispute over tariffs contributed to Cohn's decision to resign but was not the only reason.



According to them, last week's announcement imposing tariffs 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. 

US President Donald Trump has refuted reports of chaos in the White House following Cohn's announcement to quit.In a tweet, Trump said he is seeking perfection by moving people around. He said he still had some people that he wanted to change adding that there was no Chaos, only great Energy.

Over the last few weeks, several of his key confidants have left the White House. There are also reports that his National Security Advisor Lt Gen H R McMaster might be departing soon. But the White House has denied all such reports.