. >>> 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

charles: trump did go to davos and gary cohn felt good about that. more on gary consequences impending departure from the white house. whoooo. when it comes to travel, i sweat the details. late checkout... ...down-alternative pillows... ...and of course, price. tripadvisor helps you book a... ...hotel without breaking a sweat. because we now instantly... ...search over 200 booking sites ...to find you the lowest price... ...on the hotel you want. don't sweat your booking. tripadvisor. the latest reviews. the lowest prices. charles: futures down sharply after gary cohn the white house economic advisor announced he'll be leaving in the coming weeks. charles: lawmakers are reacting to gary cohn's resignation. reporter: orrin hatch issued a statement to fox business. he said gar why is as good as they come. he was a heavyweight during the tax debate, helping to successfully deliver pro growth tax reform to the american people. his keen instincts, wisdom and talent will be sorely missed in this administration. and he sent a letter to the president saying t

the president is going down this road and gary cohn is out the door as a result of that, wolf. >> gary 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 ideological

from the president confirming now gary cohn, the chief economic adviser, is leaving. gary has been my chief economic adviser and did a superb job whelming resnowstorms unleashing the american economy once again. he is a rare talent and i thank him for his service. >> they're moving along quickly. hope hicks, the communications director, and now gary cohn. >> and in the same day that president trump said there's no chaos in the white house. when you have them both resigning as you are having tariffs and probably boomerang on the united states. that's the definition of chaos. especially with hope hicks, the communications director, and like the chaos we saw in this turmoil over the security clearances, and his own son-in-law jared kushner having his security clearance bumped down because he couldn't pass the security checks. we did get some statements from the white house. they've obviously confirmed all of this. there's one from the president, from general kelly and also one from gary cohn saying it has been my honor to serve my country and enact policies to benefit am

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

gary cohn up as president trump's chief economic advisor, and markets don't like risk quite as much as when gary was still on the team. gone and threats of a trade war looming, the president needs all the good economic advice he can get. where is it coming from? and in the wake of a notes tariffs, reports are that the white house may be planning something much bigger directed specifically at china. welcome to "bloomberg daybreak." i am david westin here in new york state. my colleague alix steel is still done in houston. is going to be the question -- that is going to be the question. a whiteyou think about house and u.s. presidency without gary cohn and more ramped up trade war? i will be talking to joe kaiser, ceo, talking about the biggest manufacturing company in how it affects his thinking. the market reaction is very interesting this morning. markets feel relatively calm. euro-dollar is now unchanged on the day. we are now flat. in europe you're seeing very strong buying, but everywhere, spain, it is portugal or not something you would associate necessarily was a safe haven bid,

doing that as the white house communication team was preparing the announcement that gary cohn is leaving as the top economic advisor. it doesn't get more surreal than that. i will tell you after talking to a number of sources this evening. one senior official that described cohn as a moderating influencer in the white house. fill up the room with gra vitas. and then on the sunday talk show it was not gary cohn explaining this, it was peter navarro and in the words of senior trade official i spoke with was the perception was that navarro was gloating. as i saw in the white house east room earlier today, the writing was on the seat. a seat marker supposed to join the president. and didn't show up. sarah sanders took his place instead. when the president says there is no chaos inside the white house, you probably could bet all lot money that there is chaos. we have seen nothing but it. >> i just talked myself hoarse describing what we had seen. >> reporter: i think it is going to be significant. we had one source tell erin burnett this evening this is going to cause problems inside the whit

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

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

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

then came the president's plan to increase tariffs, and gary cohn had had enough. sing to impose a 25% tariff or tax on steel imports and a 10% tariff on aluminum, something cohn was strongly against. behind the scenes, cohn was trying to demonstrate how tariffs would fail u.s. manufacturing. instead, now he's packing his bags. randi kaye, cnn. >> back now with the panel. michael, one of the questions that people are asking tonight is, you know, who's left to give the president advice? who will be the trump whisperer? gary cohn had a lot of influence in this white house in different ways over time. hope hicks, god knows, had a ton of influence in different ways in this white house over time. jared kushner had a lot of influence over time, now has a lower security clearance than the calligrapher. we don't know how much influence he has left. so who is the trump whisperer? >> i don't know the individual personality, but i can tell you that hope hicks had been talking about leaving for a while. she's been with the president since before he came down that escalator in 2

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

the president, though, glowing things to say about gary cohn. leaving on good terms. the president said: he is a rare talent. 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

chief economist gary cohn leaving the west wing. crucial voice when pushing back against the president. one source telling cnn trade war has left gary cohn furious. strongly opposed, almost using way too light of a word, passionately opposed to the president's steel and aluminum tariffs. in fact cohen was planning a meeting with the goal of talking trump off what they see is the legend tariffs. source close to the president telling me cohn was only good guy left. this will cause the most trauma. that's how significant the cohn departure is to some around this white house. and of course this is talking about the white house itself. there is trauma tonight even beyond the walls of trump's troubled white house. wall street not reacting well. plummeting 300 points on the news. getting into the realm here of what we saw with the actual tariffs themselves. keep in mind, this is not the first time gary cohn has co contemplated. when the president said both sides were to blame for the deadly white supremacist in charlottsville. >> i think t

gary cohn has resigned hampton pierson has a statement from the white house ham? have three statements, first from president trump, quoting now. gary has been my chief economic advise, did a superb job in driving our agenda, helping to deliver historic tax cuts and reforms and unleashing the american economy once again, he is a rare talent and i thank him for his dedicated service to the american people. from white house chief of staff john kelly gary has served his country with great distinction, dedicating his skill and leadership to grow the u.s. economy and pass historic tax reform. i will miss having him as a partner in the white house but he departs having made a real impact on the lives of the american people. and from gary cohn himself 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 all past tense gary cohn has resigned as

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

kevin, gary cohn is out. s 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

for a whe >> peter navarro was told by john kelly that he had to cc all his white house e-mails to gary cohno cohn could keep an e-mail on him. >> so weird. >> you understand that >> kelly doesn't trust navarro, and that may play into whether navarro can get this job >> is it that or simply if somebody is your head economic adviser, they should be on all these things, you should go through a chain of command >> sure. >> kelly is very military. >> kelly is a chain of command guy, absolutely. if you're an independent official trusted inside a white house in general, it's not often that you would have to cc your boss on every single e-mail you send >> larry has been outspoken about -- he's not in favor of tariffs either i see him in the role i was describing earlier the president and cohn clashed on a lotof things. but the president always listened to cohn's side of things, considered both sides. i think that's all kudlow would need, to know -- to serve that way is good. that's why cohn, i think it's an impactful job he had to be there representing that side of things, even if you don't always

the broader market not happy about the tariffs or gary cohn leaving. remember, as the former coo and president of goldman sachs, cohn was seen as the guy in the white house who understood wall street. with his departure, wall street lost their champion. as you might imagine, the markets are dropping badly. at one point last night, futures were down 400 points. cnbc's morgan brennan is live at the new york stock exchange. morgan, it seems like things are creeping better. >> reporter: yeah, so we are off the lows we did see overnight as you mentioned, stephanie. it seems there's two storms brewing here, we've got all the snow hitting lower manhattan, but of course the increased potential now for these tariffs to be put in place and the possibility of trade retaliation across the globe in response to that. if you take a look at dow futures, they're down triple digits. we're poised to open 1% lower when we get the opening bell at 9:30 a.m. eastern today. why is one man moving the market right now? well, because gary cohn is a former goldman sachs executive,

everybody wants to be there. >> gary cohn was a stabilizer. gary cohn respected by wall street. gary cohn was a salve to the stock market. >> do it in a very loving way. it will be a loving, loving way. they'll like us better, and they will respect us much more. >> republican opposition to the tariff plan growing by the day. senate majority leader mitch mcconnell finally breaking his silence tuesday saying he has genuine concerns the new tariffs could spark a trade war. >>> gary cohn's sudden departure is already rattling wall street. dow futures falling as much as 400 points overnight. the s&p 500 futures sliding about 1%. that set the tone for global stocks. the entire global stock market basically fell because of gary cohn. asia slipped lower, while europe opened down an hour ago. why is his resignation shaking the markets? his presence reassured investors. the former goldman sachs executive was pro pr-business, 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 opposes th

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

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

tyler, back over to you. >>> so what does gary cohn's departure mean for the tumultuous west wing eamon javers is live at the white housech and before we get to cohn, who you very astutely yesterday at the end of the press briefing -- during the press conference, pointed out he was not there and you -- and his absence hung heavy but before we get to cohn, new news on tariffs just out. >> that is right you heard bob just quoting from goldman sachs, that report has at just about right. i'm told we're going to expect this announcement on tariffs, the details at an event here at the white house either thursday or friday. still fluid as to the times of when that might happen but we'll get the legal underpinning them but simultaneous to that, we should expect at least some conversations around additional trade actions that this white house might take that is behind the scenes, they are considering a basket of other trade actions that might be put into place. they're working through the details on that. we might hear more about that on thursday and friday at that event. but of course those ste

talk is about gary cohn and trade.he most recent trade deficit numbers today came out, the gap up 5% to $56.6 billion in january, a widening more than forecast, the biggest trade deficit going back to 2008. overall trade deficit last year was $566 billion. we await news on who could requires gary cohn. peter navarro says he is not on the long list of candidates to replace gary cohn. he is one of the more nationalist or protectionist candidates that had been talked about. interesting that he made the comment to bloomberg television. steel and aluminum stocks, strength as gary cohn's departure is seen as cementing the idea the president will go ahead with the tariffs. alco and century aluminum company rise. retail is weak today, especially the dollar stores, discount retailers, dollar tree third quarter's missing estimate, first court forecast missing estimates and comparable sales trailing. onlysts saying buy weakness, guggenheim says that the earnings per share forecast missed but it reflects a greater than expected ta

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

gary cohn is a process guy. in january after tax reform got done, he went to the president and he went to general kelly and said, i'm only working at 20% capacity. i need something to do here. i can do more. he said to the president, i'm ready for a cabinet level position. i want to do something bigger. could be something in the state department or the cia. the president said why don't you focus on infrastructure ab-gary was the one who drove infrastructure and has been waiting to work on that and hasn't been able to. things got sigh lined with daca, things got sidelined after the shooting. ideally sidelines because the president doesn't pay attention. he said i'm willing to leave and come back if a bigger role comes up down account line. remember what happened last wednesday. they have tariff tuesday every week talking about it for months. you know the president's views for over a year. but things getting completely out of hand with wilbur ross and peter that var row who gary cohn has zero respect for and peter

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

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 on capitol hill who are lamenting all of this. democrats are latching on to this as well, sensing an issue. here's what the senate minority leader chuck schumer had to say about this earlier today. >> the problems here is the white house is getting hollowed out and the number of people capable of doing things, doing real things, whether you agree or disagree ideologically, is getting smaller and smaller, and they seem unable to recruit new people to take these jobs. so the kind of mess-ups we've seen this past week, i think, we're going to see over and over and over again. the president's erratic style -- i didn't vote for jeff sessions, but i think it's a symbol to everybody what he did to his best friend jeff sessions. don't go work there. i've heard story after story of capable people trying to be recruited by the white house and no

let's begin with the late either departu departure, gary cohn. the president addressing the high turnover rate in the white house saying that he likes conflict, he likes different points of view. what do you make of cohn's departure from the white house, what are you hearing? >> i'm hearing from some of trump's populist allies the type of people who were potentially on the campaign didn't make it into the white house or continue to advise the president from the outside who are cheering cohn's departure, they always considered him a globalist, part of the group of aides who were not necessarily committed to the trump agenda. but if you are a free trader, if you are associated with the wing of the republican party that is resisting president trump's proposed tariffs, then you really are worried about gary cohn's departure because he was the strongest sbrern intern aalf the policy. his push back is why we're seeing this more than a year into the trump administration. so i think this creates a lot of uncertainty. >> so let's talk tariffs here. what do

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

betty: this news of gary cohn's resignation hitting the markets. just as asia is opening. gary cohen, the chief economic advisor is to be leaving the white house. one of the most high-profile departures. closelysachs worked with gary cohn and one person said he deserves credit for serving his country. i join many others disappointed to see him leave. related to this or not, we are watching these tariffs, coming tariffs, the u.s. has said to incur broad tariffs on chinese imports and takeover. good into thisng asian session when he came to geopolitical aspects. it has seemed this has shocked the system and asia session. we also learned that the president is going to be canceling that's meeting with some of the top-level executives, which are still consumers, which gary cohn was supposed to host. absolutely not. things are going to get a little not just between u.s. and others, but also in the markets. but crossover to washington. but set over to joe, who has more details. yes it is.r is thinning out this is a shock, but not particularly a surprise. gary cohn was one of the s

gary cohn's departure rattling wall street. dow futures falling 400 points overnight. at set the tone for global stocks. asia and europe slipped lower. cohn's presence reassured investors. he's pro-business and free free trade -- and pro-free trade. the president's protectionism freaks out wall street. not only can it undo pro-business work like tax cuts and deregulation, but a trade war could spike faster interest rate hikes. >>> target again raising the minimum wage, hiking starting pay to $12 an hour this spring after bumping it to $11 in the fall. why hike wages first? because the first raise brought target a bigger and better pool of workers. higher wages are good for workers, and they can be necessary in a tight labor market. investors, though, wary of the costs. target stock fell 4.5% yesterday. >>> just in time for international women's day, barbie launching a new line of inspiring women that includes historical figures amelia earhart, katherine skbroojohnso. and modern-day inspirations, "wonder woman" director patty jenkins and snowboarder chloe kim. mothers wo

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

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

a lot of them liked gary cohn. >> they did like gary cohn.at was their link to the administration, that i they felt had economic good common sense. with that said, there's two things going on that i think are very interesting. i've talked to 12 of my donors. they're divided. this has been strange. >> there's six of them that think that, you know, the tariffs, the market is going to spin out of control, this is absolutely one of the worst things they have seen. the retaliation from countries because of these tariffs are going to be for rick, the ramifications that we'll face for this. you have the other side that is basically, this puts steel workers, creates jobs, this is fabulous because it makes trump make good on one of his promises, which he says make america great, by making the steel stray great. and how about china? >> trish: yeah, it will help republicans mid-terms. they may not realize that. art, is our friend larry kudlow going to take the job? >> i hope so. isn't he the best ever? i know how much you like him, trish. and he's one o

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

could gary cohn be feeling at this moment -- how bad could gary cohn be feeling?att: i wouldn't suggest he would be, he could take credit in saint that the republican partyparty and the trump administration -- the tax cuts. he did say i had a big part of that if not the most important part. vonnie: he could do anything now, he got very far along that route, and he went and had time in the administration and could take credit for public policy that has been made. and there are plenty of people who have left goldman sachs and haven't gotten to administration and have done else.ine somewhere max: i can't help but think back to that ad that was donald trump's closing else. ad. i'm a big it was donald trump doing the voice over, but there sayingominous voiceover there is corporate criminals robbing your wallet -- and there's this long tradition of lloyd blankfein going to the administration, but if he joins the trump, my mind will be gone. is there any possibility that it is not a coincidence that gary cohn is gone and then you get lloyd blankfein talking about leaving

there has been speculation that gary cohn could resign.ntion might turn to the u.s. taking action against chinese imports, which could include consumer apple and lenovo could be caught in the crossfire. stocks in taiwan using some gains earlier. markets are mixed with australia leading declines, the aussie dollar falling after a softer than expected gdp rent. sang straight is not immune to global influences. out downi 225 closing .2%. electronics makers and defense stocks rising. that stronger yen is adding to the drag here it the dollar-yen heading towards 105, and the korean won leading gains and could test the three year high against the backdrop of august on talks with north korea. , slidingnadian loonie along with the mexican peso, given concerns tariff threats loom. rishaad: with all this noise we are not hearing about these positive moves diplomatically. let's get to paul allen for the first word news headlines. president trump again signaled he is open to talks with north korea after the south said kim jong-un is willing to conside

he got bad advice from gary cohn. i say hallelujah. ncy at the white house is over. >> maria: you're glad carry cohn is leaving? >> i'm glad he's leaving. he gave him bad advic advice. >> the situation we're talking about, steel and aluminum, 70% of our economy is services. the tariff is actually impacting us. those are higher, better quality paying jobs. >> maria: what are we supposed to do. we have an $800 billion deficit for all of these years, every year, rather. >> you're going to have a deficit when you have a comparative advantage in services. >> that's the free market argument and i am a free market guy from day one. but when you have bad money, free markets don't work. when you have the central banks of the world distorting the entire trading system, keeping their exchange rates low, we end up importing labor from china that could be done here. but the problem is you have to go to the central banks. you have to go to the monetary system. >> maria: what's the answer if not these tariffs? >> the answer is to raise the interest ra

gary cohn or not, president trump will do what he wants. almost doesn't matter who replaces cohn. >> i think it matters a bit. i would rather see a good, strong person there, someone with sound views that could coordinate, but yeah i think in any white house it doesn't matter a massive amount because the president makes the decision in this white house it may matter even less because it is the president who makes decisions impulsively. he pulled ut out of the transatlantic partnership which was a great deal he restricted immigration which is just about the worst thing you can do for economic growth, and then this. there's a consistent pattern of hurting economic growth in the name of nationalism and it has gone back to his first week in office. >> stocks would not ratify that notion, jason. at least what stocks have done since withdrawal of tpp. >> u.s. stock market has gone up less than global stock market has. we have seen a global rebound. not saying any of this will destroy the economy and cut our growth rate in half and plunge us into a

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 trade

why did gary cohn go? he's said to be unhappy about the president's proposed steel and aluminium tariffs and the consequences for the american economy — jobs and the threat of a trade war. kim gittleson is in new york. gary cohn has long said he opposed the trump administration tariffs which trump has defended this past week. he is known to support free trade. he worked at goldman sachs, he isa trade. he worked at goldman sachs, he is a democrat and supports pro—business policy and has clashed with president trump on a host of issues. the thing they agreed on was tax reform. beyond that not much. the president once more believed he wa nted the president once more believed he wanted these steel and aluminium ta riffs wanted these steel and aluminium tariffs to be instituted and it seemed a done deal that he would have to resign. so what is the latest on the transatlantic tit—for—tat over trade. well today the european commission meets to discuss its retaliatory plan after president trump said tariffs of 25%

president trump's top economic adviser and rattled investors worried the impending departure of gary cohne, a st. abbi phillip has more on this. cohn staunchly opposed new tariffs that the president is putting in place or steel an aluminum but the white house is pushing ahead even so. >> that's right. we spoke to sarah

begin with the fallout from the surprise resignation of president trump's chief economic adviser, gary cohn stocks are falling as we speak off the worst levels the dow jones industrial average is still down by 270 points. it's a loss of 1%. investors clearly trying to gain what that departure means to the markets. for more on that and what's happening inside the trump white house, let's bring in president trump's former xh eer communica director, anthony scaramu u cci. >> you know gary cohn well the markets are on edge. what do you make of his resignation? >> listen, i think the world adds an enormous amount of value during the tax plan. as you know from his eck appearance at goldman sachs, a team builder incredibly smart on markets. one of the smartest people i've met in my life he has a tremendous amount of value inside the white house one of the things about the white house, for me, it was to serve for 11 days all day. i was no longer serving under the discretion of the president, so i think there was obviously a conversation there and gary decided this was a good time to leave and as th

he worked for goldman sachs just like gary cohn.hen i hear tom talk about apple and am reminded that trump mocked apple, considering the direction, if donald trump decides he needs someone to be -- beat up on, i think you are hearing that it might not be wall street. what if it is big tech? i feel like the guy who made the clinton cash, his next documentary which will debut at con, i think is about the big tech companies. i can smell in the air the sense that the new punching bag for trump could be amazon and apple. schenker was on the show during breaking news and he talked about how he thinks the relationship between silicon valley and the white house has taken a bit of a pause because we just don't know. what is the general viable response from the tech community so far about the tariffs in particular? matt: what you have to think about with silicon valley is to the extent that we are going to look at foreign nations as the enemy, that is going to have a big impact. there are lots of different ways, and that think the biggest way

message is that we're doing better under president trump than before he took office. >> he called gary cohnt. does that mean he's open to have him come back in some other capacity? >> they maintain a strong relationship and will continue that relationship and certainly continue -- gary will continue to be an advocate for the president in a number -- >> is that a yes? >> i'm not closing the door. >> one more quickly. >> i want to move around -- >> can you confirm or comment on the abc news report that a number of staffers have had their -- >> i'm going to bounce around. i'm sure your colleagues would be happy to pick up where you left off. >> i have a question in response to that. you said there's whom and when? >> for the president's personal attorneys. for details i would have to refer you to them. >> but you shared them with us. >> i would refer you to the president's outside counsel for any details on that. >> the president will be meeting with video game executives. what does he hope to accomplish and why is he bringing them in? >> he wants to continue the conversation on every differen