Gary Cohn, President Trump's top economic adviser and ex-Goldman Sachs President, resigned from his post yesterday, stating that he would be accepting the role of President at Wall Street bank, JP Morgan. Cohn cited fundamental disagreement with Trump's recent move towards protectionist trade policy – namely the intent to introduce a 25 per cent tariff on steel imports – and that he would no longer be effective in his role due to this conflict. Cohn, who backed free trade principles, was seen by many as a counterbalance to Trump's protectionist agenda. Markets took the news negatively, with US indices letting go of the majority of gains made yesterday. Markets with more pronounced links with US steel trade such as China, Japan and South Korea finished trading lower. Today, global equity markets are mostly down on growing concern over the ramping up of a trade war between the US and its trade partners, whilst less risky government debt is being bought.