Tags: Trump Administration | jpmorgan | jamie | dimon | gary cohn | resignation

JP Morgan's Jamie Dimon: Gary Cohn's Resignation 'Terrible'

(Sipa-via-AP-Images/AP)

By    |   Thursday, 08 March 2018 08:44 AM

JP Morgan Chase Chairman and CEO Jamie Dimon said it is "terrible" that staunch free-trade supporter Gary Cohn has left the White House. 

Cohn, who was president and chief operating officer of Goldman Sachs before joining the Trump administration last year, didn’t cite the reasons for resignation. However, he was a major proponent of free trade who was said to disagree with President Donald Trump’s plan to slap stiff tariffs on imported steel and aluminum.

"I think it is terrible. I think Gary is a very strong proponent of economic growth and is quite bright and knowledgeable," Dimon told Bloomberg TV.

"I think he was good to have in the White House, not as the press writes to defend Wall Street, he knows how an economy runs, he knows what needs to be done to make it healthier for all Americans, and he's not there. It's unfortunate," Dimon said.

In the wake of Cohn’s resignation, Trump looks set to impose those steep tariffs on imported steel and aluminum this week, a move that could spiral into a global trade war, Reuters explained.

Dimon also criticized the Trump administration's tariff proposal on steel and aluminum imports.

"I think tariff is the wrong way to go about it. Of course there may be more, there may be retaliation, it kind of opens up the whole Pandora's Box of additional problems," he added in the interview. "If it continues and it gets worse, yes it will hurt growth … It could offset some of the huge positive we had from competitive tax reform."

Cohn, the architect of a tax overhaul passed in December, was seen as a stabilizing force within the Trump administration. His departure is seen strengthening the hands of those advocating a protectionist agenda.

Meanwhile, stocks on Wall Street fell as trade fears returned to the market.

“There is more of a political worry that has crept back into the market,” said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management.

“It’s not just the tariffs, but the broader White House changing ... all those things are undercurrents which are affecting market sentiment in the near-term.”

(Newsmax wire services contributed to this report).

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JP Morgan Chase Chairman and CEO Jamie Dimon said it is "terrible" that staunch free-trade supporter Gary Cohn has left the White House. 
jpmorgan, jamie, dimon, gary cohn, resignation
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2018-44-08
Thursday, 08 March 2018 08:44 AM
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