There have been worries that Donald Trump’s recent plan to impose tariffs on imported steel and imported aluminium could start a trade war. In response, the EU threatened to impose tariffs too and then Donald Trump threatened to impose tariffs on European cars.

Today, Gary Cohn, director of the US National Economic Council, announced that he would be leaving his role with the Trump Administration.

Mr Cohn said in a statement, “It has 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. 

“I am grateful to the president for giving me this opportunity and wish him and the administration great success in the future.” – Cohn

The Australian share market, or the All Ordinaries (INDEXASX: XAO)(ASX: XAO), is down 0.63% in response to the news and the S&P 500 (ASX: IVV) is projected to drop more than 1% when the American stock exchanges open tomorrow.

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