. >>> gary cohn out. president trump's top economic adviser resigning from the white house as a trade war brews the fallout from washington to wall street straight ahead. >>> president trump threatening a new round of tariffs this time aimed at the eu. the full details ahead. >>> sounding off, the biggest leaders in corporate america weighing in on the president's trade plan on cnbc we have full reaction coming your way it's wednesday, march 7, 2018. "worldwide exchange" begins now. ♪ >>> good morning a very warm welcome to "worldwide exchange" on cnbc i'm wilfred frost. >> i'm seema mody in for sara today. it will be an interesting day for markets. >> let's look at them, moving lower after that bombshell announcement that gary cohn is leaving the white house. we are down 349 points on the dow. let's get straight to eamon javers live in washington with the latest good morning >> good morning. another week, another major white house departure. this time gary cohn, the president's top economic adviser. it w

according to cohn's friend, the president was not in favor of gary cohn leaving. first you have got gary cohn, day one member of this administration, and the president pop his resignation released a statement saying gary has been my chief economic advisor and has done a great job driving our agenda. he's a rare talent and i thank him for his dedicated service to the american people. gary cohn's office released a statement saying it has been an honor to serve my country and enact pro-growth economic policies. i'm grateful to the president for giving me this opportunity and wish him and the administration great success in the future. since last summer when the white nationalists and the nazis marched in carolina in charlott. people and friend at goldman sachs have been counseling him and telling him he should leave the administration, especially since president trump announced the tariffs he intends to impose. 25% on steel and 10% on aluminum. an official close to gary cohn was asked the question is he going to resign and we were told absolutely not. gary cohn makin

cohn's silence. cohn becomes the latest high level official to leave the white house.ade war threat what drove him out? >>> president trump dismisses russian meddling in the up coming election saying in the news conference that the u.s. has a plan to counteract whatever moscow does. the president touts a back up plan saying, it's called paper. >>> encourages chaos. mr. trump says everybody wants to work at the white house. but cnn learned the president is encouraging an ally to tortures his chief of staff on television. is the president trying to bring down john kelly? >>> and the sex guru tapes. she says she has 16 hours of tapes that could help the u.s. investigation into russian election meddling. but where are the tapes and will she hand them over? >>> welcome viewers in the united states and around the world. i'm wolf blitzer. you're in "the situation room."

cohn or mr. going to call him out on it. >> stormy daniels said she could recognize this person even though it was many years ago. >> it stayed with her for a significant period of time. a traumatic experience. and we are confident that she can identify this individual. >> there is also, now, there is an e-mail, you sent a lot of e-mails, you have this other he want mails which is from michael cohn to keith davidson who was the former attorney for stormy daniels. and i think you just released today, i think nbc had it and we are showing it, two things on that, one michael cohn, where he sign signed it, he is described as the >> well, anderson, we believe this to be a smoking gun e-mail for the following reasons. first of all, the date, february 22, 2018. it's approximately one month ago. it's an e-mail that michael cohen sent to my client's former attorney. and michael cohen inserted the subject as pp versus dd, nda. why is that important? first of all, your viewers already know that pp basically

cohn came could work from goldman sachs. stand by. we'll get back to you. i want to bring in kaitlan collins. she is working the story for us. you are getting more information. what else are you learning? >> we are learning more about the details surrounding the departure. it is something that people saw coming for some time. they knew that gary cohn's departure was imminent officver next year in the white house. we are learning he did inform president trump he would leave the white house over the last 24 hours and that comes amid the fight over tariffs that the president announced at the last minute last week against the advice of gary cohn. the president was actually frustrated with gary this week because gary was trying to once he made his decision to impose tariffs, gary was trying to get him to soften them and exclude countries. some things they decided. it was something that frustrated the president. it is important to point out that cohn and the president were never ideologically in line. they agreed on taxes and tax

>> but just moments later, the cohn story broke. now, the adviser who nearly resigned over the president's kid glove handling of neo-nazis and white supremacists in charlottesville quit instead over steel and aluminum tariffs and in doing so added fuel to the notion of a white house in, yes, chaos. cnn's boris sanchez starts us off now with the latest from the white house. boris, what are you learning about the cohn departure? >> reporter: well, it's interesting, john. white house officials are publicly saying that this is something that gary cohn has been discussing privately with the president for several weeks. they say that gary cohn was looking for the appropriate time to leave the administration. despite that, just a few weeks ago sources were telling cnn that gary cohn's name was being floated as a possible replacement for chief of staff john kelly when it was rumored that he was leaving the white house. the timing of this announcement is telling, john. it comes as there is an impasse between the president's top adviser on tr

gary cohn's deputy left back in december. so it's not your typical white house where you have two or three people who are lined up, ready to go, ready to take this spot. it's going to be a real challenge them to fill the void. >> in turbulent times you need sober, reasonable voices. these are the types of voices that are leaving. we'll have much more on the cohn breaking news and more tonight, including a new cooperating witness for robert mueller. this could be big. because of the secret meetings he attended between trump associates and the united arab emirates, the same uae that according to the "washington post" talked about ways jared kushner could be compromised. each year sarah climbs 58,007 steps. that's the height of mount everest. because each day she chooses to take the stairs. at work, at home... even on the escalator. that can be hard on her lower body, so now she does it with dr. scholl's orthotics. clinically proven to relieve and prevent foot, knee or lower back pain, by reducing the shock and stress that trave

cohn. >> and why would michael cohn then feel the need to forward that e-mail to himself to his private e-mail address to then communicate with stormy daniels' attorney? >> i don't have an explanation for that. if there was nothing to hide with this e-mail string, mr. cohn could have forwarded this e-mail directly to mr. davidson and would not have had to take the interim step of going to his personal e-mail account. what we believe happened and this is speculation, but good speculation is that he sent it from his personal e-mail address, he forgot to delete the middle portion of the e-mail that showed the communication had been taken place with his e-mail at the trump organization. >> michael cohn has gone on defensive today. >> i often use personal e-mails for personal business. i don't think that is unusual. but what is unusual is the routing of the e-mail to his personal e-mail account and making sure it send it to his personal e-mail account. >> michael cohn has come forward clearly and said this is something that i did out of loyalty. i used this, and today saying it came from his

or does gary cohn go somewhere else?not sure gary cohn goes back to goldman, although there is quite the revolving door. dena powell of course leaving the white house and going back to goldman. he could have another bigger job in the ministration. that has been -- in the administration. that has been floating around. it is more likely that if he comes back to wall street he could end up at a big private equity firm or potentially a hedge fund, or he could end up hanging out his own shingle. the boutique investment bank route is a pretty tried-and-true one over the past decade or so. we will see if he comes back to new york or hangs around lawsuit can -- around washington a while longer. unlikely he goes back to go mad at this point. alix: next up we are looking to hudson yards, suing unions for corrupt behavior. to me the story is hudson yards again, another headline. reporter: hudson yards draws so many headlines here, in part because of all the superlatives. it is the largest private real estate development ever in u.s

gary cohn was instrumental as that. cohn's name was floated as a replacement for kelly.t is once again that gary cohn advised the president do not implement these tariffs, tied it directly to the stock market saying it shows the success of his presidency and if he imposed these tariffs, it would affect that. and he didn't formally announce yet and it already started to affect. >> this is interesting. it came on the same day the president to his credit he told the prime minister of sweden to buzz off when it comes to trade. is this a seismic shift now. >> listen, donald trump as noted today and noted in the past has been talking about this for 25 years. the one thing he seems to feel in his core is an important principal and he used the word protect today. it is a protectionist move and he is owning that. so yes, i do think that we are seeing him embrace that even more fully than he had in the campaign when he was just a proposal and not an actual policy action. we are headed in that direction. but i think that gary cohn did what a lot of rvrepublicans did when they decid

cohn opposes that. he was working to soften the final product, even orchestrating a meeting with companies hurt by higher steel and aluminum prices. now that he's gone, the fear is a trade war. the president's protectionism freaks out wall street. not only can it undo all of his pro-business work, his tax cuts and deregulation, but it threatens the global economy. that could lead to more inflation, sparking faster interest rate hikes. gary cohn will be a huge, huge loss. wall street very concerned about this. >>> adult entertainer stephanie clifford, call her what you will, porn star, i'm not sure how to label her here, stormy daniels is suing president trump. she wants a judge to rule the nondisclosure agreement she signed is void because then-candidate trump did not sign it. the deal, of course, regards an alleged sexual encounter between the two. >> the suit filed in the california court says trump's personal lawyer, michael cohen, signed the document on the president's behalf. a person familiar with

chief economic adviser gary cohn quits today. yeah. so i think at this point the white house staff is just john kelly and a fax machine that jared isn't allowed to use. >>> another white house shakeup, president trump's top economic adviser gary cohn announcing plans to leave and the news is already having an impact on wall street this morning. xwloo pl >>> plus could there be a breakthrough with north korea? president trump weighs in. >>> and the east coast is bracing itself this morning. a second nor'easter is on track to hit the region with another round of heavy snow. good morning, everybody. it is wednesday march 7, i'm yasmin vossoughian alongside louis burgdorf. president trump spoke favorably about a trade war yesterday, but its first casualty appears to be one of his top advisers. gary cohn, chief economic adviser to the president, has resigned. cohn's decision was in reaction to the abrupt rollout of tariffs. a source says that he feels president trump circumvented the staff process. cohn had reportedly considered resigning i

we begin today with gary cohn heading for the exit. the 34th, that's right, 34th member of the trump administration calling it quits. it's a huge win for guys like wilbur ross and peter navarro, a big loss for republicans and free traders. wall street doesn't like it much either. i've got the best team, all women, here to break it down today. first we get to our panel. impleme i want to break down why exactly the departure of trump's economic adviser is such a big deal. guys like gary cohn and rob porter, huge advocates of free trade. they were the guys arguing that america does best when it can buy and sell products all over the world. but this this white house, their views were in direct contradiction to men like commerce secretary wilbur ross and top trade adviser peter navarro that want nationalist policies that favor u.s. corporations over global trade. trump has always leaned toward the nationalist side of things, that's how he ended up with navarro. with porter gone and cohn leaving, there's no one to balance out the argument. i

cohn is not good for 2%. >> when cohn leftgoldman sachs for the white house, that stock was down by 1.9%. >> i'm sort of kidding, but last week, we had three days down that were 300 plus points or more i would like to think that i'm worth more than three basis points on the ten-year like three basis points on the ten-year, when it goes -- >> you may be stroking your ego. >> i would be hoping for 2%. >> when the vix is at 18 or whatever we're at now, it implies a lot of days coming up will be 1% moves >> i think it might stroke your ego if you were responsible for a 1% decline in the futures. >> it's not over yet if it happened before the tax plan was passed, or all these goodies, it would have been a different story. the president wants to go full speed ahead with the tariffs some reluctance with some factions in the white house. >> and that faction just got weaker >> it's 5% below its highs and it's knock around this range >> on edge, n not only about th tariffs. we will talk to wilbur ross. if it's possible any way -- threw me for a loop >> it's a huge deal, but what else -- >> but

kevin, gary cohn is out.is about tariffs, they say, or do you think cohn touted my people on both sides of the aisle as very smart and extremely capable couldn't take the daily chaos anymore? he was just over it? >> well, it's certainly more than just a new york guy going back to new york. i don't think you can underestimate just how much of a stabilizing force that gary cohn was in this administration. this is an administration that doesn't have as deep a bench of experience on economic issues, on policy, so the fact that he was somebody that's respected by folks in the business community as well as having built really strong relationships with many folks up on capitol hill. and, you know, not really known as a rock-ribbed republican, but respected by a lot of the republican allies that the president has up on capitol hill and was critical to helping pass the signature accomplishment so far, which was tax reform. but that i think is the big concern. which is now we have somebody seen as somebody who can keep

but cohn only good guy left. this is the president today knowing gary cohn wasn't sitting in the chair, said i have ten people for every single job in this white house. >> that's not true. >> i'm going to come out and say here, that i think i'm confident in saying there are not ten excellent a level gary cohn candidates for the gary cohn job period. >> that is the point. i know for a fact that as the president makes his multiple phone calls and sounded people out, for example, on becoming cheefr chief of staff, there were people who said no who won't go into that. so we'll see who the president will get to replace gary cohn. will he take peter navarro who is already inside the white house and is derided by the so-called globalists on wall street? what will the president do? >> trade. i used to work on cnbc, with peter navarro, he's passionate about his view. there was peter navarro. he wasn't available. so the other day when we said let's do discussion on trade, peter navarro, he works on the white house, no one

the fact is donald trump ran against gary cohn or people like gary cohn in the election. he ran that ad against goldman sachs. there were anti-semitic tones in the ad and other things that were controversial. he made crystal clear he was running against this wall street free market, globalist mentality. >> yeah, absolutely. you have to step back and take a look at what trump has done outside of the palace intrigue. this is important reporting, but you have to step back and take a look at this through the eyes of a voter. so he has -- for his base, if you look at evangelical, he has satisfied what they wanted from him with gorsuch, and if you look at rotary republicans, wall street republicans, he has satisfied them with tax reform. on the tariffs, it's satisfying those blue collar voters in the rust belt on trade. when economists say this is terrible, this is bad for the economy, they say, look, economists, you told us nafta was going to be great for us. see how that worked out? so you have to look at how the voters, the people that put him into office and the promises th

cohn. >> cohn globalist and president with america first. then the episode last year when the president was slow off the mark in responding to the violence in charlottesville. cohn took strong exception to that expressing his displeasure with the way the white house reacted and doing a big interview as well where he was critical of everything that happened. this is another big piece of news on a day when there was a huge piece of news. word from south korea that north leader kim jong-un may be willing to sit down with the united states and talk about ending his nuclear program. >> thank you very much. thank you. >> president trump is not ready to call it a break through but he is optimistic that the offer on north korea to end its newark program may bear fruit. he made a joke when asked what brought north to this point? >> me. [laughing]. nobody got that. >> the president took credit for the harsh sanctions that he said helped bring north korea around. he said the u.s. helped make the recent south korea olympic a success and had praise for n

let's talk about what it means to have someone like gary cohn walk out the door. >> gary cohn isn't just a wall street guy. this is a guy who before he came to the white house had one job his entire adult life. he came to new york city and he was acquired by a company that acquired goldman, he left goldman where he was the president and the coo to join this administration, so it's a big deal to see gary walk away. now many people speculated that once gary got tax reform done, he was most likely going to leave, because he came there for a mission, he got that done, he had never had political aspirations before, but, you can can yourself why now, why today? you know he was very against president trump's comments after charlottesville. as a jewish american he was high high high highly off v of funded. if gary is now getting road blocked, if the president won't even listen to him, and if someone named peter navarro who couldn't get a job at goldman if his life depended on it, if he has the president's ear on trade issues that affect our country, corporate america, every citizen, if peter nav

cohn's presence reassured investors. the former goldman sachs executive was pro business, instrumental in the tax cuts that juiced corporate profits. pro-free trade. a moderate, globalist voice to president trump's nationalist instincts like trump's plan to slap tariffs on aluminum and steel imports. cohn orchestrated a meeting with companies hurt by higher steel and aluminum prices. now that cohn is gone, the fear is even worse for a trade war. the president's protectionism freaks out wall street. not only could that protectionism undo his pro-business work like tax cuts and deregulation but threatens the economy that could lead to deregulation and spark interest rate hikes. >>> stormy daniels is suing president trump. she wants a judge to rule the nondisclosure agreement she signed is void because then-candidate trump did not sign it. the deal, of course, regards an alleged sexual encounter between the two. the suit filed in a california court says trump's personal lawyer, michael cohen, signed the document on the pres

gary cohn is leaving the white house. his departure comes as the president plans to impose tariffs on steel and aluminum imports. take a listen to what cohn told us in november >> it is my plan to stay and work as long as i help the president drive his economic agenda a year ago today i didn't think i would be here. for me to tell you where i am going to be four years from now -- i have no idea. >> last summer when we talked to him, he called it a dream job. >> i don't care for long time. he got the president's tax form through and he did a fantastic job. this is obviously an issue of china or something that our country is divided on. do you want a lot of business done with china. well, the quick info. is you got to accept the fact that they targeted certain industries and that's the way the bull bounces. that's been the policy i say unfortunately because it is good to have the discussion of what the policy really is we sacrifice some in order for us to do well. i think gary cohn did not want to sacrifice the broader trad

but just the cohn part for now, that's the part we know. what is missing perhaps in the white house economic team with cohn out that needs to be replaced >> you had a great description of the nec at the top of your show i worked at the national economic council for six years in the clinton administration and in the obama administration. i think it plays a vital role in coordinating economic policy across the white house in this white house, coordination seems an awful lot more difficult and in any white house at the end of the day the person that makes the decision is not the president's economic adviser, it is the president and what happened on steel wasn't that navarro beat cohn or ross beat this person, it is that president trump for decades believed in protectionism, has believed that international economic relationships are zero sum, and wants the united states to prosper at the expense of other countries when in fact the policy would do the exact opposite, it would hurt the united states while potentially hurting other countries as we

economist wanted, gary cohn leaving the staff. and preparing for war, president trump says a trade war would be bad for the united states even as his vulcan allies urge them to look -- his republican allies urge them to take a look at tariffs. the senate is looking at a bipartisan bill while regulators move forward on their own path of making things simpler and easier for financial institutions. ♪ shery: president trump's proposed tariffs have put him against his own party allies and administration and this chief economic advisor, gary cohn, resigned yesterday. leaving the white house without now weerating and welcome republican of kansas and member of the commerce committee. senator, thank you for your time, but first i want to ask about the impact of gary cohn's resignation. >> i think gary cohn has been a voice that has reached out to members of congress and united states senate. has been a way for us to have an additional entry into the trump administration and in that regard the communication could be diminished. i assume the

we're hearing word cohn ha resigned. >> we're learning gary cohn plans to resign, this is coming fromhe "new york times" citing white house officials. the officials according to this story saying there's no single factor behind his departure but his decision to leave comes after the struggle over the plans to impose tariffs on steel and aluminum so we are learning gary cohn plans to resign. we'll bring you more headlines and details as we get them back to you. >> thank you very much, meg tirrell, i would imagine the markets would be very volatile, trade lower on this news >> gary cohn was looked at as the last person that was in the way of trade tariffs, right? so maybe the last adult in the room in some cases if you believe that i happen to believe that tariffs are horrible so you want to have somebody like gary cohn in there. this is not going to be good for the market. >> when we were hearing gary cohn was going to be added to the administration the markets loved it. >> they thought it was a continuation of easy money policies that had been in place for much of the bull market. hat

gary cohn just for those that don't remember and we were critical of gary cohn and said he needed to speak out after charlottesville. he did speak out after charlottesville and anybody that knows how the white house works knows that that cost him most likely the fed chairmanship. and so he stated that he fought like good people staying in there and fight like secretary mattis and others, but yeah, just enough is enough. >> we're pretty close to people around this circle and i think his departure is a real sign that even gary cohn, who is trying to stick it out, trying to be there as offensive duty, to try and help out felt he could not do anything anymore to reign in this president. >> obviously a lot of republicans from capitol hill that have been very concerned about donald trump, concerned about the fact that he's a lifetime democrat, that he's a lifetime liberal from queens who actually discovered birtherism, discovered racism as a way to get ahead in the republican primary, they're still concerned about his economic policies and gary cohn always seemed to be a person that calmed

ivanka, jared, goer cohn. that was apparently one of the tribal groups, one of the gangs if you will. now that dang gang's under assault again. cohn's gone. jared is on the opposite of the on-deck circle. he's not going to go to bat. what's going on in terms of the warfare inside of the white house? >> first of all, you'll recall steve bannon called that group you just talked about the west wing democrats. that's how closely aligned they were in terms of policy and alliances here. you're right. jared kushner has lost his top security clearance. he was the guy spearheading middle east peace. what does that mean for his ability to carry out that task? ultimately what it means is that right now, john kelly has been emboldened. what's so interesting abouting thatting is just several days ago we were talking about the fact maybe he would be on the chopping block in the wake of the rob porter incident. you're seeing power alliances constantly shift. i want to make one point what steph was saying which is not only wa

you don't -- everybody knows gary cohn, they don't know that working for cohn were a lot of affective people, like shakira knight on tax policy we couldn't have gotten the tax form we did without the confidence and discipline to the process. federal reserve, we have a very -- a very confidence-building appointment in terms of jay powell that is a process run by gary cohn moving forward, i think there is doubt on the wall street that the processes which are important to the functioning of the market and the economy will proceed as smoothly on a week to week and month to month basis. >> mark, let me turn to you and get your thoughts about how important this white house policy apparatus is, not so much to the economy, but to the equity and bond markets. is it -- is it really as important as earnings and interest rates and the macro economy. >> the market is driven by earnings and some of the things you just mentioned i think the umbrella of the policies just described though are important for confidence over all in the market and i think there is a wait and see now that gary cohn is depa

cohn wanted a bigger job according to one official. had been some consideration for that, even after he was passed over previously for a cabinet position he had been tapped to lead the president's infrastructure initiative, but that really didn't go anywhere when congress got sidelined with a number of other things so cohn was stuck in what he was trying to get done now he's decided to leave this white house. the president praised him for his work on the tax cuts cohn with friendly words saying he appreciated the opportunity, but as of this morning he's out. president trump says he will name someone else soon >> tracie potts, thank you very much for brigging ibringing ust wall street is not reacting well to the news. markets opening down about 300 points thanks for the latest on that story. >>> shares in rolls royce are trading at the top of the stoxx 600 after the company delivered a 25% rise in underlying pretax prompts for 2016 they forecast 2018 underlying operating profit of about 400 million pounds but warned the year would be im

walking away. >> do you think there is a gary cohn premium in the market?solutely. to the extent that gary cohn represented some form of stability, and that was the market's interpretation of it, but i think we have to break this thing down. we have to understand that 2017 was about tax reform. gary cohn was absolutely the right guy, very instrumental in doing that. 2018 is about trade and tariffs. gary cohn might not have been the right guy for that because he disagrees with the president on that. having someone like gary cohn who was market family, pro-business, pro-bank, pro-globalization, free trade was something that the market was on the same page with. with him removed, the question is who is going to fill that role? who will not just take his title, but who will be that centrist voice on economic policy and trade policy and the white house? we do not really have that right now. >> the ecb holding rates steady changing some key language , today. here is mario draghi in his own words. >> what we need was to remove the exclusive reference to the likeli

cohn leave behind? >> i can't speak to the attribution of those words, but i can tell you that based on my reporting, people who came in from the new york business world, dina powell from goldman sachs, gary cohn from goldman sachs, friend of jared kushner and ivanka trump, thought president trump would be someone who maybe publicly had this nationalist streak, would be incendiary, but privately he was a traditional country club republican. but over the course of the past year they learned through their experience, direct dealings with him, that the president actually has a lot of hardline positions and he's not really willing to listen. though he did listen on the tax cut and a few other issues. he wants to stay with his plan for tariffs, something he's been talking about for 40 years. he wasn't able to be convinced and that just led to frustration after frustration, tweet after tweet that led to more frustration. >> jonathan, bob is right, he has been talking about it for 40 years. it doesn't make it

my ode to gary cohn.ill tell you what his exit really means for this market and then the "lightning round. so stick with cramer but i'm not standing still... and with godaddy, i've made my ideas real. ♪ ♪ i made my own way, now it's time to make yours. ♪ ♪ everything is working, working, just like it should ♪ . >> everyone freaks out about trade policy and disturbing turnover in the white house. you may be missing great stories that are getting a lot of attention. consider the case of nordstrom the swanky department store chain i like so much tonight i want to catch you up on what has been happening here. at the end of the day the stock market is a market of individual stocks that represent pieces of individual companies sooner or later the specifics of those companies are going to matter more. gary cohn's resignation is a problem, i said that so what exactly do you have going on here with nordstrom on thursday night the company reported that is not how things played out. instead the stock quickly reverse

so the news gary cohn resigning just the latest.imself almost hinted at it in a tweet this morning. in mihindsight when we look at that tweet, talking about people coming and going, he knew he was having another major exit today. we'll have a lot more on this. as soon as we get more information, just developing in the last few minutes, gary cohn, the latest trump advisor to leave the west wing. we'll have more right after this. (avo) if you've been struggling with belly pain and constipation, and you're overwhelmed by everything you've tried-- all those laxatives, daily probiotics, endless fiber-- it could be wearing on you. tell your doctor what you've tried, and how long you've been at it. linzess works differently from laxatives. linzess treats adults with ibs with constipation or chronic constipation. it can help relieve your belly pain and lets you have more frequent and complete bowel movements that are easier to pass. do not give linzess to children less than six and it should not be given to children six to less than eightee

gary cohn is out as the president's chief economic advisor.asestors saw the an affirmation that donald trump is pushing forward with tariffs. is romain. not a foregone conclusion the president will go ahead with this? >> no. there were doubts yesterday that donald trump would follow through and the markets closed with gary cohn out and reports seeming to suggest that donald trump was ready to move forward. he was not willing to listen. that is reflected in the market today, asia took it hard and u.s. markets not doing too bad but a little bit of a sector rotation at stocks that would be most affected by the tariffs and stocks that may weather the storm better like small-cap or anything steel and aluminum. shery: we show you what the exchange rates are doing, the most immediate impact is the yen, gaining strength but the canadian dollar is the biggest the -- what with about the uncertainty gary cohn 's resignation brings? >> since donald trump has been in office, he and the administration were on the same page with tax cuts and deregulation but

cohn is quitting.e has always opposed the plan of tariffs and was part of a plan to stop the idea. trump says he has no choice but to go ahead, claiming the u.s. has a ordeal with its trading workers around the world. president trump signaled he is open to talks with north korea after the south said kim jong-un givingilling to consider up nuclear weapons. he said he is willing to suspend talk to thes and u.s. if the safety of his regime is guaranteed. a deal to buy the struggling weinstein company has collapsed. she says her group is pulling bookster a look at the theed questions about viability. however, she says she made by the company's assets if they become available in bankruptcy. i am paul allen, this is bloomberg. finance minister says the government will take steps against systemic debt risk. our chief asia correspondent is there. about tax reform, we are still waiting for some sort of response on trade. >> let's hope he doesn't pass those to the finance minister. , runningto reporters through

cohn got a good send-off. let's listen to a compilation of that. >> he's been a terrific partner in working here on tax reform and other things. as you know, there was a lot of speculation after tax reform whether he would stay or not. gary decided to move on. >> this is not about a palace coup. gary, as you know, from all kinds of media, has been contemplating some sort of move for some little while. >> this is something that gary has been talking about for quite some time. one of the big goals he had coming into the administration was to help the president and lead the effort on historic tax cuts. we did that at the end of last year. >> and it appears as though gary cohn will be staying for several weeks until a new economic adviser transitions in. we're told he could come back in the administration. he's been on the short list for a cabinet appointment if one comes open and he's open to come back if a cabinet position become available. trace? >> you asked about the tariffs specifically. >> i did because the

let's start with gary cohn.o you think he was for influencing economic policy at the white house, and how concerned are you by his decision to leave? senator shelby: gary cohn was very influential. he was a heavyweight in the economic area. when he came to the white house, he had good success in the private sector, well-respected. i hate to see him go. i worked with him on other things dealing with the regulation in the financial system. worry that the white house lacks experienced policymakers and managers who can oversee process is now the gary cohn has left? senator shelby: i think gary cohn will be missed. i think you need a balance. there are others that can fill the void but i hope the president will find somebody that will help balance a lot of views at the white house. basicow, gary is a free trader. i am a free trader but i wanted to be fair. i see where the president is coming from but you have to realize trade is a double-edged sword, and you have to be careful how you implement it. we do not want a t

top economic adviser gary cohn is out. the president ignoring cohn's advice on controversial trade tariffs, but don't call it chaos in the west wing. the president says it's just the way he actually likes things to work with a very healthy dose of conflict. let's go to our chief white house correspondent jim acosta. have we heard anything today from the white house? >> reporter: a little bit, yes, wolf. earlier this morning, sarah sanders, the white house press secretary, held a brief gaggle with reporters and essentially said, you know, look at the record of this administration. this is not chaos. of course, she was talking about policy and foreign policy issues, not exactly the staff turmoil that's going on inside the west wing, which we've seen unfold week after week after week. in this week's episode is the departure of gary cohn, the president's top economic adviser. essentially what the white house is trying to do at this point is minimize the magnitude of cohn's departure, even though there are some top republicans

and gary cohn, there's not nearly as much of him going forward. his resignation as white house chief economic adviser a reason that stocks on the skids today, down 188 points. that's in the u.s. they've been down around the world as well. as for chaos, well, how's the fact that an adult film actress filed a lawsuit against the president and conflict. sources tell cnn the president is okay with his staff kelly being trashed in public. no complaint from the president. abby phillip at the white house this morning. let's talk with the -- start with the most recent departure cohn on the way out. >> reporter: that's right the stock market is nervous and business community is also nervous over gary cohn's depart. one of the reasons is because of the policy reasons behind it. gary cohn and president trump clashed over this issue of tariffs. the steel and aluminum teariffs he opposed it, the president supported it. ultimately that was the last straw sources tell us. but cohn's departure is one of many white house advisers who left the building in the last

gary cohn, out.ld you like to see replace him from the proposal to raise tariffs on the steel and aluminum industries? blaine: gary cohn has done a fantastic job. jobas really been on the with his relationships to the leadership to try to promote economic policies. ,e was with the tax cut bill the health care bill we were working on last summer. he has managed trust advisor -- been a trusted advisor. he got an crosshairs with the tariffs, and they parted ways. the man did a good job putting people in places around him, so whoever replaces gary will do a fantastic job. i think the key thing is i have not seen anyone talk about a trade war with china with a long time. how do you solve that problem? they are reversing industries to --ure my best to undermine industries to undermine others. ? w do you solve the problem the president is trying to figure this out. the tariff situation what he is trying to put together, is that the solution? i don't know. he is indicating other options, so we will see. your

we'll talk much more about gary cohn's resignation.inuing to cover breaking news president trump's , top economic advisor gary cohn is stepping down. president trump says in a statement that gary has been my chief economic advisor and did a superb job of driving the agenda and reforms unleashing the market economy once again. he is a rare talent and i thank him for his dedicated service to the american people. we will continue to bring you the details of the story as it happens. this is bloomberg. ♪ emily: a developing story coming out of washington, bloomberg is reporting gary cohn is resigning as president trump's top economic advisor. cohn in a statement issued by the white house says it was an honor to serve, especially with historic tax reform. he says he is grateful to trump for the opportunity and wishes him and the administration success in the future. marty schecter is here in san francisco joining me in the studio with more. we heard this was coming -- we heard this was coming for month that it did not happen. now it has. wha

. ♪ anna: gary cohn resigns.resident trump's top economic -- economic adviser quits the white house. the yen and treasuries gain. clamping down on china. washington will impose restrictions on chinese imports. how will beijing respond? testing the saudi crown prince. he gets the red carpet treatment as he visits london. will he prove a reliable new partner for brexit england? we are less than a half hour away from european trading. take a look at futures. we gave up all of our gains in yesterday's session, much of our gains in yesterday's session. we have futures down across the board. futures are often 0.6%. dax futures are also off. take a look at treasuries in the resignation.cohn's you can see that the yield dropped into the end of the session yesterday and this morning as investors bought bonds, seeking the sake haven of government debt, also buying the yen. you see a lot of risk off trade going into effect. what do you see on the g mn? anna: the risk off trade, and departure seems to be the main theme. we w

the white house top economic advisor, gary cohn, has announced his resignation. mr cohn was said to have been unhappy with the president's threat to impose tariffs on steel and aluminium imports. the us state department has confirmed that north korea used the nerve agent, vx, to kill the half—brother of kimjong—un in malaysia last year. and this video is trending on bbc.com. remember this photo of a little girl staring up in awe at a new portrait of michelle obama 7 well now the former first lady has met little parker curry and posted this clip saying, "parker, keep on dreaming big for yourself...and maybe one day i'll proudly look up at a portrait of you!" that's all from me now. and the top story here in the uk. military experts in britain are testing the substance thought to have made a former russian spy and his daughter critically ill. now on bbc news all the latest business news live from singapore. asian markets react to the news that the white house's top economic adviser steps down just hours after president trumps stands firm on steel and aluminium tari

your reaction to cohn's departure?ff is this going to be, the reaction to cohn's departure? johan: i think the markets are reflecting the fact, no one can win a trade war. there are losers and bigger losers. chance of as of a reasoned response out of the white house that signals their potential move, or a stance that could be viewed as hard line. the markets do not like that. betty: no, the markets do not like uncertainty, obviously. he had been in the background for quite some time. his departure really going to make that big of a difference in terms of economic policy, going forward? johan: that is one question. i think the answer is, no, we will not know. , theour point of view important next thing is, how do other countries reacts to this? if the response is fairly brutal, fairly strong, you would imagine the white house reacting in kind. and then we get into the kind of the thing, the markets will outcome for stocks. it is interesting in terms of the behavior we have seen in the markets, so quicken so easy, this r

this is bloomberg. ♪ emily: we continue covering breaking news of gary cohn of gary cohn officially resigningump's top economic advisor. for more from tokyo, this is they'll beews noticed in china, and what is the impact of this, especially considering the issues surviving tariffs? it is big news here -- and it looks like gary cohn, wet opposed many of these threats that the administration was making about imposing tariffs on the aluminum and steel -- is now leaving the administration. it is a sign they are getting serious on these tariffs and trade restrictions and that is a concern for many will have supported more free trade. i think in particular, in the case of technology companies, they shine a light of protectionist measures are allegations of protectionist measures within technology industries. as we see with facebook, twitter, google, many american tech companies cannot operate within the chinese market because of restrictions there. at the same time, companies like tencent come at most trouble company in china, is able to market its services in the u.s.. that is an issue that ambass

cohn's departure sparked fears of a larger exodus. the president tried to preempt the concerns yesterday. let's watch. >> the white house has tremendous energy, tremendous spirit. it is a great place to be working. many, many people want every single job. i read where, gee, maybe people don't want to work for trump. believe me, everybody wants to work in the white house. there will be people, i'm not going to be specific, but there will be people that change. they always change. sometimes they want to go out and do something else. but they all want to be in the white house. so many people want to come in. i have a choice of anybody. >> i have a choice of anyone to work here. on capitol hill today, there was bipartisan concern as i said about cohn's departure. let's watch. >> how do you feel about gary cohn leaving the white house and its effect on trade and tariffs? >> well, i'm concerned that who the president will turn to for advice. i think mr. cohn was a outstanding public servant and somebody obviously how about had the credentia

perhaps a replace for gary cohn sooner than some expected?can't weigh in because i don't have my ear to the grindstone the way many have with regard to d.c., but i can say i think larry would be a wonderful choice, but let's keep in mind with that means. in my opinion, it shouldn't be about stock prices it should about the long-term health of the u.s. economy the second issue is this isn't about peter navarro. so if larry gets appointed and like i said, i would vote for hand downs, peter isn't going mir i don't think he wants the job and i think this issue has been oversimplified. if larry is picked, the president will most likely set up u a good cop bad cop scenario because in my opinion, to try to understand this president, you need to understand he is very opinionuated i think just because we have advisers you interact is doesn't mean their job is to their his mind i don't think his mind is going to be changed. how he ends up, i think larry would be the perfect choice. >> one of thothose voices he's listening in mnuchin. here's what he sai

cohn is not there? >> i think the immediate implications of implementing these metals tariffs would be retaliation by european union, our trading paners, that will target exporting industries. through, it go would be a headwind for those targeted porters. reduced export profits and fewer jobs servicingho exports than we would otherwise have seen.u >> can i turn o "the new york times" report that gary cohn is apparently going to leave the whiuse. he is the one who basically championed taxreform, the tax reform plan. he's involved with the infrastructure plan. p hed back against the tariffs, he's obviously lost that particulafight. how will this impact the economic agenda of the trump administration if he is not an adviser to the president any longer? >> well, there are obviously multiple streams of thought within the administration about having more conventional economic policies versus mor of a protectionist policy. athave beening over the course of the last year plus to see of which those picies have b