Gary Cohn, President Trump's top economic adviser, is going to leave the administration in the coming weeks. The New York Times, which was first to report the news, says "no single reason" is prompting Cohn to quit but the decision comes after the struggle inside the White House over tariffs on steel and aluminum imports.
Trump has cancelled a meeting with companies that use steel and aluminum that Cohn was arranging.
Why it matters: There will probably never be a “globalist” in Trump’s West Wing who has Cohn’s heft, and there are now zero powerful West Wing voices willing to spend all their political capital to persuade the president to kill these tariffs.
The backstory on his departure:
Cohn disagreed with Trump on just about every issue besides tax cuts — he was, and is, a Democrat. But Trump respected him and listened to him.
Cohn would tell Trump he was wrong, arguing with him and in front of him. In the early days, the hottest trade fights devolved into shouting matches between Cohn and Trump’s nationalist trade adviser Peter Navarro. Cohn has called Navarro a liar to his face, in front of other staff.
Still, throughout all this, Trump continued to listen to Cohn because he's rich and, in Trump's words, a “total killer” who had “done it all on Wall Street.” He also listened because Cohn didn’t care and acted that way.
Colleagues have told me they thought Cohn behaved throughout like he thought he was in charge. He thought he had a plan to stop Trump from putting massive tariffs on steel and aluminum, but Trump effectively told him to shove it.
“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.. He is a rare talent, and I thank him for his dedicated service to the American people.”
— Trump statement on Cohn
“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. I am grateful to the President for giving me this opportunity and wish him and the Administration great success in the future.”
President Trump's top economic advisor, Gary Cohn, is reportedly leaving the White House, the latest in a string of high-profile departures.
Why it matters: Per the NY Times, there isn't any "single reason" for his departure, but the announcement comes after Trump's tariffs decision, which Cohn had strongly argued against. He told Axios' Mike Allen in December that he wouldn't be resigning any time soon, but that was before a bitter Oval Office tariff fight last week.
He was been a candidate to move to other roles over the past year, making Trump's short list for Fed chair and being floated as a possible chief of staff.
He is a Democrat, though Vanity Fair reports he was never "particularly enamored" by President Barack Obama.
He was the Trump administration's point manon tax reform, along with Steve Mnuchin.
He almost resigned after Trump's response to Charlottesville, saying: "As a patriotic American, I am reluctant to leave my post...But I also feel compelled to voice my distress over the events of the last two weeks."
Coinbase, which operates the GDAX cryptocurrency exchange, is introducing an index fund —comprised of Bitcoin, Bitcoin Cash, Ether, and Litecoin— weighed per market cap.
Why it matters: With the creation of new digital tokens, cryptocurrencies have grown into a full-fledged asset class, with demand for various investment options. Another cryptocurrency index fund, Bitwise Asset Management, made headlines in December when it raised funding from Silicon Valley investors David Sacks, Keith Rabois (Khosla Ventures), and Naval Ravikant, among others.
Details:
This first fund is aimed as an entry-point for folks who are new to digital tokens, or for those who want a passive investment, Coinbase product manager Reuben Bramanathan tells Axios.
It's only available for U.S.-based accredited investors, though the company is working to eventually add a fund for retail investors (no timeline yet).
There's a minimum investment of $10,000 and flat 2% fee for investors, without any performance fees.
