Trump could tap Microsoft alum Liddell as economic adviser

Kudlow stock rally promptly Trumped by Tillerson sacking

Director of the National Economic Council Gary Cohn at the White House in Washington, September 26, 2017.

Signaling a sharp departure from a decades-long US-led drive for more open and less regulated trade, Trump declared that America had been "ravaged by aggressive foreign trade practices".

Cohn's resignation, which reportedly occurred after a clash with Trump on the tariff proposal, was "terrible", Dimon said.

This came after Cohn spent months trying to steer Trump away from tariffs and trade wars, with Cohn eventually being outmaneuvered by Commerce Secretary Wilbur Ross, trade adviser Peter Navarro, and ultimately Trump himself. That doesn't bode well for Larry Kudlow and other free-traders who are being considered to succeed Cohn.

A senior administration official said those exemptions, however, could come at a price to other countries. "I thank him for that and he's been a good listener".

More than 100 House Republicans wrote Trump on Wednesday, asking him to reconsider "the idea of broad tariffs to avoid unintended negative consequences" to the USA economy and workers.

"I have a feeling you'll be back". Also reported to be on the list is Peter Navarro, Trump's top trade adviser.

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Navarro had limited contact with Trump world until early in the campaign, when Kushner was drawn to his book, "Death by China", while researching China policy.

Cohn was a surprising addition to the Trump administration. The term is often used as a derogatory reference by opponents of free trade and international-leaning policies.

With President Donald Trump's top economic adviser, Mr Gary Cohn, out the door, Treasury Secretary Steven Mnuchin is working to assume the mantle of the White House's main economic voice of reason.

Republican congressional leaders are privately considering whether to block a three-year renewal of fast-track trade authority for Trump, although that would likely anger the president.

White House counselor Kellyanne Conway said Trump takes input from a "diverse set of viewpoints", but added that "he knows it was his name on the ballot and he controls timing, content and tone".

One of President Trump's campaign promises was to rebuild the United States steel and aluminium industries, which he claimed have suffered "disgraceful" treatment from other countries, in particular Chinese imports. "He's not quite as strong on those tariffs as we want them". That scenario, Tom Donohue said, would endanger the economic momentum from the GOP tax cuts and Trump's rollback of regulations. The people said the exclusions for Canada and Mexico could be ended if talks to renegotiate NAFTA stall. Administration officials have sought to iron out how certain national security "carve-outs" might be implemented amid a push by some officials to lessen the economic impact of the tariffs.

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