Another layer of uncertainty envelopes the US Economic Scenario. The tweet by President Trump about suspending the trade tariffs which came in as a breather has taken a turn for the worse. On Wednesday, Trump administration’s Chief Economic Advisor, Gary Cohn submitted his resignation from office. The advocate of free trade practices, his resignation comes in as an assurance that Trump will move ahead with the trade tariffs. Markets are also wary of who will succeed him.
This goodbye is expected to be a harbinger of stressed stock market. Joining the list of high profile White House official departures, Gary Cohn was often regarded as the choice of investors given his spectacular track record on Wall Street. The financial markets took a hit during this as Dow Jones Industrial Average slipped almost 300 points. The greenback suffered heavy losses against euro as the pair rose to its two-week highs at 1.2434.