>> Will Gary Cohn continue or remain in administration? I said I hope so.>> The risk of a policy mistake just went up. That's how one Wall Street analyst is interpreting the resignation of top White House economic advisor Gary Cohn. Top of the list of worries, the increased chance of the US igniting a trade war.
Investors fear Cohn, seen as the economic adult in the room, thanks to his experience at Goldman Sachs, who was against the planned tariffs, will be replaced with someone in Trump's corner. Reuters' White House correspondent Jim Oliphant.>> Cohn's absence is going to leave a vacuum. And it's going to leave Trump more susceptible to his more protectionist advisors, people like Peter Navarro who heads his trade and manufacturing office.
There are still some counter waves to that, Steven Mnuchin at treasury and people like that. So it's not like this battle is going to go away, but right now, they have Trump's ear, the protectionist forces inside the White House, inside the administration.>> The President says he wants to slap a 25% tariff on imported steel and 10% on aluminum, a proposal that's alarmed members of his own party and some of America's closest allies.
>> What you have to remember about Donald Trump more than anything is that he likes to be adored. And so what does he want, what is he focusing on right now? He's focussing on delivering for his political base. And that explains a lot of why these tariffs are so, why they appeal to him so much.
And that is it's another way he can say, I have kept my promises to you. Trading partners are vowing to retaliate. Top EU officials say they will meet soon to discuss targeting $3.5 billion in American exports with punitive tariffs of their own. Harley Davidson motorcycles, bourbon and Levi jeans are all on the list.
Consumer goods makers like those led Wednesday's stock market decline on fear with Cohn's departure, the US just moved one step closer to a global trade war that it might start, but ultimately may not win.