: The Wall Street Journal confirms that Larry Kudlow was offered the job as director of the National Economic Council and he accepted.

As we detailed earlier, what had been rumored for days, was just confirmed by CNBC, which reported moments ago that President Donald Trump plans to name Larry Kudlow as his top economic advisor.

Trump could announce his decision to choose Kudlow as his National Economic Council chairman as soon as Thursday. The CNBC senior contributor and on-air personality would replace Gary Cohn, who left the White House earlier this month amid disagreements about tariffs on steel and aluminum imports.

As has been the case in past days, when every time news of Kudlow's role in the NEC emerged the market rebounded, today was no exception, and the S&P has managed a modest rebound on the news that a somewhat moderate economist will replace Gary Cohn. </s> Top Trump economic adviser Gary Cohn is leaving the White House after breaking with President Donald Trump on trade policy.

Cohn, the director of the National Economic Council, has been the leading internal opponent to Trump's planned tariffs on imports of steel and aluminum. He has tried to orchestrate an eleventh-hour effort to push Trump to reverse course. But Trump has been resistant to those efforts, and reiterated Tuesday he will be imposing the tariffs in the coming days.

In a statement, Cohn says it was his honor to serve in the administration and "enact pro-growth economic policies to benefit the American people."

Trump praised Cohn despite the disagreement, saying Cohn has "served his country with great distinction." </s> Gary Cohn, director of the White House National Economic Council, resigned on Tuesday after President Donald Trump made clear that he would reject globalism and pursue new tariffs on aluminum and steel imports.

Cohn lasted less than 14 months on the job.

A former Goldman Sachs executive and lifelong Democrat known for his support of free trade, Cohn in recent weeks had been working to soften or delay nationalist policies in the Trump Administration. He reportedly told aides last week that he might resign if Trump imposed his planned tariffs.

“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. “I am grateful to the President for giving me this opportunity and wish him and the Administration great success in the future.”

In his White House role, Cohn is credited with leading last year’s effort to overhaul of the U.S. tax code, among other projects. He is the latest in a series of departures of senior administration officials, including communications director Hope Hicks and staff secretary Rob Porter.

Previously on :

 —The U.S. Oil and Gas Industry Is Howling About Donald Trump’s Steel Import Tariffs

 —Why Corporate America Hates Trump’s Tariffs Proposal

 —How Donald Trump’s Steel and Aluminum Tariffs Could Start a Trade War

 —Commentary: Our Last Trade War Was a Global Disaster. This Time Won’t Be Any Different.

 —Trump Tweets NAFTA Ultimatum: The Tariffs Stay Until a ‘Fair’ Deal Is Signed </s> Gary Cohn, chief economic advisor to the president (right) chats with Office of Management and Budget Director Mick Mulvaney in the Indian Treaty Room of the Eisenhower Executive Office Building on October 17, 2017 in Washington, DC. Martin H. Simon/Getty
• Mick Mulvaney, the director of the White House Office of Management and Budget, lavished praise on President Donald Trump's top economic adviser Gary Cohn after Cohn announced his resignation Tuesday.
• In his statement, Mulvaney also took a dig at Cohn, referring to him as a "globalist," a derogatory term used to describe someone who advocates for internationally focused economic policies.
• The term is often used with anti-Semitic undertones in far-right circles.
• Cohn resigned from his post as the director of the National Economic Council amid Trump's plans to institute tariffs on steel and aluminum imports.

The top US budget official managed to simultaneously praise and criticize his former colleague, White House economic adviser Gary Cohn, all in one statement after Cohn resigned from his post on Tuesday.

"As a right-wing conservative and founding member of the Freedom Caucus, I never expected that the coworker I would work closest, and best, with at the White House would be a 'globalist,'" Mick Mulvaney, the director of the Office of Management and Budget, said in a statement.

He continued: "Gary Cohn is one of the smartest people I've ever worked with. Having the chance to collaborate with him will remain one of the highlights of my career in public service."

"Globalist" is often used as a derogatory term used by opponents of free trade and internationally focused economic policy. Some have pointed out that it often carries anti-Semitic undertones, and that far-right news organizations like Breitbart use globe emojis or "globalist" as a way to denote Jewish people, including Cohn.

Cohn announced his resignation as director of the National Economic Council on Tuesday after an up-and-down year in the Trump administration that included public spats with the president and a large legislative success in passing the tax bill.

President Donald Trump's plans to institute wide-ranging tariffs on steel and aluminum imports into the US appeared to be the last straw for Cohn, who has long opposed such policy.

The impending tariffs — 25% on steel and 10% on aluminum — have spurred fears of a global trade war, with countries around the world threatening to impose retaliatory measures. A day after Cohn's exit, those fears kicked into overdrive as stocks around the world tumbled.

Reports that at least some White House officials viewed Cohn as a globalist have been brewing for some time. Last September, amid simmering tensions between Cohn and Trump in the wake of Trump's controversial comments on the violent protests in Charlottesville, Cohn was asked during an interview with CNBC whether the president ever called him a globalist.

Cohn only said that the he and the president had a "good relationship."

This isn't the first time a White House official has used the term to disparage a colleague. Last April, The Daily Beast reported that then-White House chief strategist Steve Bannon vented about Trump's son-in-law and senior adviser Jared Kushner "being a globalist." </s> Gary Cohn, President Trump's top economic adviser, announced Tuesday that he's stepping down, marking the latest departure from a White House besieged by resignations.

Cohn's abrupt announcement comes as Trump has pledged to impose steep penalties on steel and aluminum imports, infuriating mainstream Republicans and even some members of his own administration.

But the White House would not address any particular reason for Cohn's resignation.

"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," Trump said in a statement. "He is a rare talent, and I thank him for his dedicated service to the American people."

Cohn, 57, has served as the director of Trump's National Economic Council since the inauguration, a senior position that involves advising the President on sensitive trade issues. Cohn is expected to leave in the coming weeks, following the footsteps of communications director Hope Hicks and staff secretary Rob Porter, among others.

"It has been an honor to serve my country and enact pro-growth economic policies to benefit the American people, in particulra the passage of historic tax reform," Cohn said in a statement. "I am grateful to the President for giving me this opportunity and wish him and the Administration great success in the future."

But Cohn's cordial words sharply contrast rumors that he was enraged by Trump's announcement last week that he will impose 10% tariffs on aluminum imports and 25% tariffs on steel imports.

Cohn, a former investment banker and a strong proponent of free trade, has fought off a number of economic policies catering to Trump's nationalist base, repeatedly pitting him against some of the President's right-wing aides.

Cohn says stopping state, local tax deductions up for discussion

Cohn first threatened to leave the chaotic Trump administration last summer after the President refused to unequivocally condemn racism and white supremacy in the wake of a deadly white nationalist rally in Charlottesville, Va. The mere threat set financial markets tumbling.

Cohn's resignation came hours after Trump fought back against suggestions that his administration is constantly embroiled in controversy and suffers from a hectically high turnover rate.

“The new Fake News narrative is that there is CHAOS in the White House," Trump tweeted Tuesday morning. "Wrong! People will always come & go, and I want strong dialogue before making a final decision...There is no Chaos, only great energy!”

Trump doubled down on his apparent love of confrontation during a combative White House press conference with Swedish prime minister Stefan Lofven later in the day.

Trump adviser Gary Cohn says tax plan might not help middle class

"I like conflict," he told reporters. "I like different points of view."

Cohn was absent at afternoon press conference and a seat reserved for him in the East Room was filled by a different aide. </s> WASHINGTON (AP) — President-elect Donald Trump is expected to name Gary Cohn, the No. 2 executive at the powerhouse Wall Street firm Goldman Sachs, to a prominent White House economic post.

That's according to two people informed of the decision.

Cohn, 56, would lead the White House's National Economic Council, a posting that would require him to leave his $21-million-a-year job as president and chief operating officer at Goldman.

On the campaign trail, Trump repeatedly vilified Goldman Sachs for the firm's outsize influence in the financial system. Yet with Cohn's selection, Trump will have named three current or former Goldman officials to key positions in his administration.

The people informed of the decision insisted on anonymity because they were not authorized to publicly discuss the expected move. </s> Image copyright AFP Image caption Gary Cohn was director of the National Economic Council under President Trump

US President Donald Trump's top economic adviser Gary Cohn is resigning, the White House has said.

It is the latest in a series of high-profile departures from President Trump's team.

There has been speculation that Mr Cohn, a supporter of free trade, was angered by Mr Trump's plans to impose tariffs on aluminium and steel imports.

In a statement released by the White House, Mr Cohn said it had been "an honour to serve my country".

The 57-year-old former president of the Goldman Sachs bank had helped Mr Trump push through his sweeping tax reforms late last year.

Why has Mr Cohn gone?

Gary Cohn and President Trump were never believed to be close.

Mr Cohn wasn't specific about the reasons, saying in a statement it had been "an honour to serve my country and enact pro-growth economic policies to benefit the American people, in particular the passage of historic tax reform".

Once that mission had been achieved, a number of differences may have prompted the departure, including the possible looming trade tariff war and his differences on that issue with trade adviser Peter Navarro and Commerce Secretary Wilbur Ross.

Mr Cohn had reportedly set up a meeting between Mr Trump and business executives who opposed the tariffs move. But Mr Trump pulled out of that meeting and on Tuesday reportedly asked Mr Cohn in the Oval Office to back the tariffs publicly. Mr Cohn did not answer, sources told Bloomberg.

In August last year, Mr Cohn had also criticised Mr Trump over his reaction to a far-right rally in Charlottesville, Virginia, saying the administration "can and must do better". He was reported to have drafted a resignation letter after the event.

What has the White House said?

An official said: "For several weeks Gary had been discussing with the president that it was nearing time for him to transition out."

The exact departure date had yet to be determined.

Skip Twitter post by @realDonaldTrump The new Fake News narrative is that there is CHAOS in the White House. Wrong! People will always come & go, and I want strong dialogue before making a final decision. I still have some people that I want to change (always seeking perfection). There is no Chaos, only great Energy! — Donald J. Trump (@realDonaldTrump) March 6, 2018 Report

In a statement, Mr Trump said: "Gary... 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."

And the markets?

Analysts were pointing to the resignation of Mr Cohn, a free market advocate, as one reason behind a drop in shares across Asia on Wednesday. The Nikkei closed 0.77% down and the Hang Seng 1.03%.

Rick Meckler of LibertyView Capital Management told Reuters that Mr Cohn was "very credible" and the resignation announcement "certainly causes short-term downward pressure".

The dollar continued its retreat against the yen, down from 113 at the start of the year to 105.6 on Wednesday.

European stocks also opened lower, the FTSE 100 and pan-Europe STOXX 600 falling about 0.5% after opening.

Does this herald a new direction?

Analysis by Anthony Zurcher, BBC News, Washington

Gary Cohn was a bit of a stranger in a strange land. He was a Democrat in a Republican White House; an economic globalist working for a president who campaigned on economic nationalism. Now, it seems, Donald Trump's protectionist bent has pushed the top administration economic adviser to the exit.

This was not an unexpected development. By many accounts, there had been a contentious White House fight over whether to impose sweeping sanctions on US steel and aluminium imports - a tug-of-war that was settled, precipitously, by the president himself last week.

There were the rumours that Mr Cohn was only sticking around to see last year's tax bill over the finish line, after his extreme discomfort following the president's warm words about some of the white nationalist marchers involved in violent clashes in Charlottesville last August.

Mr Cohn was reportedly viewed by many Trump loyalists in the White House as an unwelcome interloper. Some on the outside, particularly in the financial world, welcomed him as a moderating influence - along with son-in-law Jared Kushner and daughter Ivanka.

Now the former is leaving and the latter two seem greatly weakened. All this could mark a sharp new direction in White House policy.

What's the trade tariff dispute about?

Last week, Mr Trump announced he would be imposing steep tariffs on steel and aluminium imports - 25% and 10% respectively. He is yet to sign them into effect.

He has regularly argued that other countries have been "taking advantage of" the US on trade for decades.

Trading partners reacted angrily. The EU, which says the steel and aluminium tariffs could cost it €2.8bn ($3.48bn; £2.5bn) a year, has now drawn up a $3.5bn hit list of retaliatory tariffs.

These include higher import duties on bourbon, peanut butter, cranberries, orange juice, steel and industrial products, EU trade commissioner Cecilia Malmstrom said.

There are now fears of a global trade war. Mr Trump said on Tuesday: "When we're behind on every single country, trade wars aren't so bad."

But there is disquiet at his proposals even among members of Mr Trump's Republican party.

House Speaker Paul Ryan was one of those urging Mr Trump to have a "smarter" plan that was "more surgical and more targeted" and avoided the "unintended consequences" of a trade war.

Who will replace Mr Cohn?

Mr Trump tweeted that he would pick Mr Cohn's replacement "soon".

"Many people wanting the job - will choose wisely!" he added.

Media playback is unsupported on your device Media caption Trump: 'Everybody wants to work in the White House'

Possible candidates mooted by US media include Peter Navarro and Larry Kudlow, a conservative commentator and 2016 campaign adviser.

President Trump tweeted that there was no chaos at the White House but there were "still... some people that I want to change".

'Sensible adult' leaves: US media on Cohn's departure

A piece in Bloomberg carries the concerns of Wall St operators that the White House is losing experienced financial experts. Kathy Wylde, who runs the Partnership for New York City, says: "Gary was one that we counted on."

A Washington Post article headlined "Gary Cohn didn't get much done. But it could be worse - and it probably will" says the adviser was an "odd duck" but that it is hard to fault him, given "the Trump administration has been too understaffed and unfocused to get much done".

An editorial in the New York Times says Gary Cohn was "supposed to be among the sensible adults in the room. Now, he is leaving after failing repeatedly to be the stabilising influence that the Trump administration sorely needed".

Bill Powell in Newsweek says there are two things Donald Trump really likes - a rising stock market and tariffs. But one thing the resignation of Gary Cohn makes abundantly clear, he says, is that "you can't have both... the world just doesn't work that way". </s> U.S President-elect Donald Trump has asked Goldman Sachs executive Gary Cohn to head his White House National Economic Council, a group that coordinates economic policy across agencies, NBC News reported on Friday.

Cohn, president and chief operating officer at the Wall Street firm, had been widely considered the heir apparent to Goldman CEO Lloyd Blankfein. If he goes, it may give rise to a new group of leaders at the bank, most of whom have spent more than 20 years of their careers there.

A Goldman Sachs spokesman was not immediately available for comment.

Cohn, 56, is a former Goldman commodities trader from Ohio who joined the firm in 1990. He served in a variety of leadership roles in bond trading, becoming co-head of Goldman’s broader securities and eventually, co-president in 2006.

He makes frequent appearances at industry conferences and on television, speaking on the state of the financial markets.

If he takes the post, he will be following in the footsteps of Robert Rubin and Stephen Friedman, two other one-time Goldman Sachs executives who served in that role.

He would also be joining at least two other former Goldman executives who will also be serving in the Trump administration: Steven Mnuchin, nominated to head the Treasury Department, and Steve Bannon, picked to be chief strategist at the White House. </s> Conservative commentator and former Reagan administration official Larry Kudlow has accepted the job of White House National Economic Council director, replacing Gary Cohn, Fox News has learned.

President Trump offered Kudlow the job just one week after Cohn resigned from his post as the president’s chief economic adviser, a senior administration official told Fox News.

“Larry Kudlow was offered, and accepted, the position of Assistant to the President for Economic Policy and Director of the National Economic Council," White House Press Secretary Sarah Sanders said in a statement Wednesday. "We will work to have an orderly transition and will keep everyone posted on the timing of him officially assuming the role.”

Kudlow’s extensive career in finance includes stints working for the Federal Reserve Bank of New York and serving as a chief economist and senior managing director at Bear Stearns, the defunct investment bank that failed during the 2008 financial crisis.

Kudlow served as the associate director for economics and

 planning in the Office of Management and Budget (OMB) during former President Ronald Reagan’s first term.

Kudlow is now a CNBC senior contributor and was previously the host of CNBC's prime-time "The Kudlow Report."

Cohn resigned amid opposition to the president’s decision to announce tariffs on all imports of steel and aluminum. Hours before his resignation, Trump set a “line in the sand” asking Cohn if he would support the new policy, and Cohn did not answer, a White House official and an outside adviser to the president told Fox News.

Kudlow, who advised Trump during the 2016 presidential campaign, also was against the idea of tariffs, writing an op-ed against Trump’s plan, calling it a “crisis of logic.”

The president this week reportedly acknowledged that he and Kudlow “don’t agree on everything,” but welcomes having a difference of opinion among his close advisers.

Just last week, the president said “I like conflict.”

“I like having two people with different points of view. And I certainly have that,” Trump said. “And then I make a decision. But I like watching it. I like seeing it. And I think it’s the best way to go.”

But Kudlow has praised the president’s work on tax reform, writing last year that, “Trump and the GOP are on the side of the growth angels with the passage of powerful tax-cut legislation to boost business investment, wages, and take-home family pay. The Democrats, meanwhile, are left with stale class-warfare slogans about tax cuts for the rich.”
U.S. National Economic Council director Gary Cohn announces his resignation.