Gary Cohn has been one of the most influential advisers to President Trump. He is loved by the stock market and was the chief architect of the President’s sweeping tax reform. He was often described as one of the few “grown ups” in the Trump Administration.
He waited until the markets closed, but most expect there to be a huge reaction by Wall Street.
What made him leave? Probably several factors. This has never been a fun White House to work for. The amount of stress is legendary, according to old timers that are familiar to the workings of the White House. However, the proverbial “straw” that broke the camel’s back is likely the President’s call for a massive tariff and protectionism policies. Policies that have a history of simply now working. Polices that reminds us all of the Great Depression. These policies are not new with Trump and were a cornerstone of his campaign.
This is how the media is covering Cohn’s departure:
For context on the impact of tariffs on an economy, see this from the Cato Institute: