Following U.S. President Donald Trump's chief economic adviser’s resignation Tuesday evening, Trump’s budget chief issued both a flattering and immediately controversial press release praising Gary Cohn. Mick Mulvaney, director of the White House Office of Management and Budget wrote he overcame his ideological differences with Cohn and that “collaborating with him is a highlight of his career in public service.” However, before those kind words, Mulvany described Cohn as a "globalist" - in quotes.

Later on Thursday, in front of reporters in the White House, Trump said, "This is Gary Cohn's last meeting... He may be a globalist but I still like him."

Liam Stack in the New York Time’s "glossary of extremist language" notes "For the far right, globalism has long had distinct xenophobic, anti-immigrant, and anti-Semitic overtones ... It refers to a conspiratorial worldview: a cabal that likes open borders, diversity, and weak nation states, and that dislikes white people, Christianity, and the traditional culture of their own country."

Twitter users quickly jumped on the bandwagon replying to the tweet with messages like: "Cohn is a centrist, not a globalist. Does Mulvaney really mean Jew?"

Another user wrote, “Barely paraphrased Mick Mulvaney: 'It turns out there's at least one Jew I can trust!'" while another added, “Maybe vaguely defensible in this extremely particular context - someone resigning over tariffs? Or would be if we didn’t already know Mulvaney was a huge bigot.”

Axios's Jonathan Swan reported on texts he received from officials with in the White House who illustrated Cohn's departure with emoticons showing the globe burning.

The Dow Jones Industrial Average was set to drop more than 200 points at open on Wednesday after the exit of free trade backer Gary Cohn triggered concerns that President Donald Trump may move ahead with his threat to impose hefty metal tariffs and ignite a global trade war.

The German government stated it has grave concerns about the resignation, Economy Minister Brigitte Zypries said on Wednesday, adding that she hopes Trump will change his mind about the import tariffs.

"The situation is serious," Zypries said about Trump's decision to impose import tariffs on metals and the departure of Gary Cohn, who was seen as a moderating voice in the White House.

She said the European Union would respond in an appropriate manner if the U.S. imposed tariffs on steel and aluminum, but added that Berlin wants to avoid a trade conflict.

"I hope Trump changes his mind," Zypries said.

Reuters contributed to this report