Markets Drop After Trump's Top Economic Adviser Quits

Trade war fears pushed global stock markets lower Wednesday following the resignation of U.S. President Donald Trump's top economic adviser.

Gary Cohn was a leading administration opponent of Trump's plan to impose 25 percent tariffs on steel imports and 10 percent tariffs on aluminum imports.

Wall Street futures were down about one percent, while markets in Japan, Hong Kong closed with similar losses.

"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," Cohn said in a statement Tuesday announcing his resignation.

As director of the National Economic Council, Cohn tried to push Trump to abandon his tariff plan, but the president reiterated Tuesday he will impose the measures in the coming days.

In a statement released by the White House, Trump said: "Gary has been my chief economic adviser and 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."

Chief of Staff John Kelly also praised Cohn, saying "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 in the lives of the American people."

There was no immediate announcement from the White House about a replacement for Cohn, whose deputy, Jeremy Katz, departed in January.

Cohn's policy portfolio included tax and retirement, infrastructure, the financial system, energy and environment, healthcare, agriculture, global economics, international trade and development, and technology, telecommunications and cybersecurity.

He also played a critical role in advancing the president's deregulatory agenda and organizing his successful participation in the World Economic Forum in January 2018.

Cohn is the fourth top-level White House staff member to resign this year. Other were: Communications director Hope Hicks, deputy communications director Josh Raffel and staff secretary Ron Porter.

The former president and chief operating officer of investment bank Goldman Sachs was one of a number of Wall Street veterans tapped by Trump for senior jobs after the 2016 presidential election.

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