U.S. stocks look poised to tumble in coming trade following news late Tuesday that National Economic Council Director Gary Cohn is resigning from President Donald Trump’s administration in the coming weeks. Cohn, a former Goldman Sachs Group Inc. GS, executive, was seen as a level head within the administration and one of the chief architects of Wall Street-friendly corporate tax cuts rolled out late last year. Speculation about Cohn’s plans to exit the White House in August similarly roiled markets. Futures for the Dow Jones Industrial Average were down about 300 points, or 1.2%, at 24,542 late Tuesday, while those for the S&P 500 were down 1% at 2,698. Cohn’s sudden departure comes amid turmoil in the White House over Trump’s plan to implement tariffs on steel and aluminum imports, which Cohn has opposed, arguing that it could undercut the Trump’s economic achievements, according to reports. The loss of Cohn may be viewed by viewed by Wall Street as a headwind to the president’s pro-business agenda and underlines ongoing turmoil in the White House, highlighted by a parade of departing officials.
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