Trump Increasingly Angry, Isolated Amid Fallout From Charlottesville Response

Global stocks, US yields fall on worries over US policy

Global stocks, US yields fall on worries over US policy

White House Economic Adviser Gary Cohn is remaining in his post, a White House official told Reuters on Thursday after earlier rumors of his departure rattled Wall Street and hit USA stocks and the dollar.

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

During an interview on CNBC, Jeffrey Sonnenfeld, the normally outspoken senior associate dean of the Yale School of Management, said that if Cohn were to leave the White House, a stock selloff would ensue that could "crash the markets".

How long he will remain in the job was unclear as Cohn had recently been pegged as a leading candidate for the Federal Reserve chairman vacancy. Adding to a raft of resignations from the president's two prominent business councils by high-profile CEOs, the rumour fuelled fears about whether Trump's economic agenda will ever get off the ground.

Prior to the attack, investors already were fretting over news Mr Trump had dissolved two business councils amid an exodus of CEOs seeking to distance themselves from the USA president's heavily-criticised response to a white supremacy rally over the weekend. Finance-focused political analysts warned after the rumors that there could be a serious loss of investor confidence if Cohn were to depart Trump's administration.

A further blow came Thursday when top Republican Senator Bob Corker of Tennessee joined those in his party who have sharply criticized Trump. "In addition, the President's Advisory Council on Infrastructure, which was still being formed, will not move forward", the official said.

But others pleaded with Cohn to stay, with "some telling him, 'You are our last hope, stay in, ' " one of those people said.

"That's a fight I fight every day here", Bannon said, according to the magazine.

Congressional aides and some White House officials acknowledged that Cohn's job has become much more hard, because Trump's comments further entrenched Democrats and alienated some Republicans who are nervous about what Trump might say next.

Cohn was part of a group that successfully urged Trump to back away from threats to impose large tariffs on all imports, and he also helped persuade the president to delay withdrawals from trade deals. "Gary is focused on his responsibilities as NEC Director and any reports to the contrary are 100% false".

Regardless, the possibility of Cohn's departure clearly has Wall Street a bit on edge.

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