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Seven days: 9 March 2018

Seven days: 9 March 2018

Cohn's gone

Gary Cohn resigned this week as Donald Trump’s chief economic adviser, after failing in last-ditch efforts to convince the president to abandon a plan to impose tariffs on steel and aluminium. Mr Cohn, a former Goldman Sachs president, was reportedly gathering a group of executives to warn President Trump that levies on all steel and aluminium imports to the US, ostensibly targeting China, could lead to a trade war and disproportionately hurt US industrial companies. Last week, the President signalled he would slap a 25 per cent charge on imported steel and 10 per cent on aluminium, regardless of the source, meaning the brunt of the tariffs will be borne by close trading partners including the EU, Mexico and Canada.

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