Published: Sat, August 19, 2017
Finance | By Kristine Clayton

Gary Cohn 'disgusted' and 'upset' by Trump's Charlottesville comments

Gary Cohn 'disgusted' and 'upset' by Trump's Charlottesville comments

White House Economic Adviser Gary Cohn is staying in his position, according to an unidentified official.

USA stocks fell sharply Thursday following a deadly attack in Spain and amid rising concerns President Donald Trump may have endangered his economic agenda after alienating business leaders.

Sonnenfeld also spoke on the decisions for CEOs to abandon Trump's councils.

Rumors that Trump economic advisor Gary Cohn, a contender to be the next chair of the Federal Reserve and a Goldman Sachs alum, may resign, fueled the rally in risk-free Treasuries and the selloff in stocks.

The sell-off began early in the day in NY and by the close of trading the S&P was 1.5 per cent lower at 2,430.01 while the Dow Jones industrial average shed 274.14 points to 21,750.73.

On Wednesday, U.S. Secretary of Veterans Affairs David Shulkin told journalists that he was "outraged" as a Jewish American by the activities of white supremacists groups and neo-Nazis and could not hold his feelings but to speak out against them. Trump himself was said to be in "good spirits", Politico reports, having finally vented his true feelings about the situation after being pressured to read a statement saying "racism is evil" and condemning the involved hate groups by name.

As President Donald Trump has dug his feet in following his initial failure to fully denounce white nationalists after a auto attack in Charlottesville, Virginia, Trump has been acting out of anger and has become increasingly isolated in the White House this week.

But you won't get the White House to admit it.

"Cohn is a key member of the administration who is determined to press forward with tax reform".

To take note of, on Thursday evening Dallas Fed boss Robert Kaplan told an audience in Texas he would like to see more progress on inflation "before I consider another rate increase".

The markets were unsettled by rumours surrounding a possible resignation of Gary Cohn as director of the US National Economic Council, though it later emerged that he had chosen to stay in the role.

He ran Goldman Sachs and amassed an estimated net worth of $266 million before becoming Trump's leading economic adviser.

Cohn was displeased with Trump's comments, though sources say he is remaining for now.

During the furor over Trump's comments this week, Cohn's aides huddled on ways to implement the White House's agenda on tax cuts and other changes while he golfed Wednesday with Office of Management and Budget Director Mick Mulvaney.

Wall Street reeled at the possibility, which one expert warned would "crash the markets".

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