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Market Extra: Stock market rattled as Cohn resigns from Trump White House

U.S. stock benchmarks looked set to open sharply lower after Gary Cohn, the head of President Donald Trump’s National Economic Council, resigned late Tuesday.

Cohn, a former Goldman Sachs Group Inc. GS, +1.45% executive, has been viewed by Wall Street participants as a level head within an administration that has viewed by some critics as one in turmoil.

Cohn is regarded as the chief architect of Wall Street-friendly corporate tax cuts signed into law last year and his decision to leave the role as the president’s top economic adviser underlines a fear that Trump, who last week announced global tariffs on aluminum and steel, is adopting protectionist stance, which many strategists and traders view as a threat to the economic expansion should they spark a global trade war.

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