Trump's tariffs prompting some US fund managers to look overseas

U.S. President Donald Trump is flanked by Director of the National Economic Council Gary Cohn Treasury Secretary Steven Mnuchin Secretary of Transportation Elaine Chao and Director of the Office of Management and Budget Mick Mulvaney as he speaks

Levitt said that if Democrats are able to win a majority in at least one branch of Congress, it could reduce uncertainty by checking Trump's attempts to implement protectionist policies.

Mr. Cohn, 57, who served in the White House for a little more than a year, achieved an early rapport with President Trump and proved influential in the administration's decisions last April not to label China a currency manipulator and to renegotiate the North American Free Trade Agreement, instead of terminating it.

"I mean seriously a globalist, there's no question", Trump said.

"Gary Cohn is one of the true Wall Street all stars behind the Trump tax plan".

Cohn is close to Kushner and his wife, Ivanka Trump.

"I have a feeling you'll be back".

Cohn, who is Jewish, reportedly drafted a letter of resignation after Trump described neo-Nazis as "very fine people" last August. Business lobbyists frequently cited Cohn as their strongest ally in the White House.

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Cohn had been discussing with the president his transition out of the White House for several weeks.

"He's been terrific. He may be a globalist, but I still like him", Trump said.

The president hinted that he might bring Cohn back into his administration in the future, but wished him well in the meantime.

Trump said during the Cabinet meeting that he was "sticking with" a 10 percent tariff on aluminum and 25 percent on steel, but that he will "have a right to go up or down" depending on the country.

Cohn was on of the major voices in the administration speaking against the newly announced tariffs on steel and aluminum.

According to The New York Times, the term "globalist" is used in extreme right-wing circles with "distinct xenophobic, anti-immigrant and anti-Semitic overtones" and refers to "a conspiratorial worldview: a cabal that likes open borders, diversity and weak nation states, and that dislikes white people, Christianity and the traditional culture of their own country".

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