Cohn Is Out, and the Verdict Is In: The Nationalists Are Back

When the Dow Jones industrial average closed at a record high on Jan. 26, it looked like the reigning wisdom about Donald Trump and his presidency might be all wrong: Trump had sold himself to voters as a fire-breathing nationalist eager to rip up trade deals, stick it to Wall Street, and impose Steve Bannon-style protectionism. But Bannon was gone, stocks were booming, and ex-Wall Street luminaries such as Gary Cohn and Dina Powell appeared to have the upper hand in the White House following the passage of tax reform. Trump seemed to revel in his unexpected status as hero of the business community and the reassessments it prompted. That same day, he returned from overseas to a triumphant headline in the New York Times: “Trump Arrived in Davos as a Party Wrecker. He Leaves Praised as a Pragmatist.”

The glow of success fell especially brightly on Cohn, the director of the National Economic Council, who was widely seen as a primary architect, and chief beneficiary, of Trump’s string of victories. He seemed ticketed for bigger things. Privately, Trump discussed making him his next chief of staff.