WATCH LIVE: White House expected to address Cohn departure, tariffs

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The European Union says it's ready to retaliate against the U.S. over President Donald Trump's proposed tariffs on steel and aluminum - with counter-measures against iconic U.S. products like Harley Davidson motorcycles, Levi's jeans and bourbon.

"US multinational sales in China are significant and it's a large source of growth", he said. So it's hard to fault him for not having more substantial achievements attached to his name.

Women running for Congress surged to big wins and Democrats smashed recent turnout levels in Texas' first-in-the-nation 2018 primary elections, giving Republicans a potential glimpse of what's ahead in the first midterms under President Donald Trump. As a manager at Goldman, he was tough-minded and could be critical and impatient.

"Moving away from WTO dispute settlement means that retaliation can easily escalate and we might find ourselves in the middle of a trade war between the two most important trade regions in the world", he said. And investors are more than a little freaked out about the turn of events.

Gary Cohn's exit from the White House is setting off alarm bells on Wall Street.

Canada is the largest US supplier of steel and has strenuously objected to the tariffs, which Trump has tied to pending efforts to renegotiate the North American Free Trade Agreement.

Internally, White House officials who oppose the blanket tariffs have urged the administration to limit the countries that would be affected and to impose time limits.

Cohn, the architect of a tax overhaul passed in December, was seen as a stabilizing force within the Trump administration.

White House chief economic advisor Gary Cohn has resigned.

The U.S. deficit with China hit a record $375 billion last year.

As a country completely dependent on global trade for maintaining our standard of living, both through export income and imported goods, New Zealand stands to lose if the situation escalates.

"Yeah, there'll be people - I'm not going to be specific - but there'll be people that change", Trump said at a Tuesday afternoon press conference.

Ned Hill, a professor at Ohio State University's John Glenn College of Public Affairs who studies economic development, says that after decades of cost-cutting and restructuring, American steel is "a vastly improved industry". Trump admitted his White House isn't an easy place to work because he fosters an environment of conflict.

O'Rourke, a congressman from El Paso, has called for banning AR-15-style assault rifles in wake of last month's mass shooting at a Florida high school that killed 17 people. At least until these dizzying winds subside, or someone reminds Trump that though 140,000 Americans hold jobs in the steel industry, largely in midterm-ripe Pennsylvania, another 6.5 million are employed by steel-using industries. More generally, Cohn's resignation suggests an already-unglued administration is just going to descend into complete madness without any sort of voice of reason in the room.

Treasury Secretary Steven Mnuchin told lawmakers Trump was trying to balance protections for beleaguered steel and aluminum producers while "making sure that we don't do undue harm to the economy". "If he's not in the running the market seems to like that".

The administration has been understaffed from the onset, in part due to the president's refusal to consider hiring even the most qualified Republicans if they opposed him during the campaign, according to a White House official not authorized to speak publicly about personnel matters.

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