TOKYO (AP) — Shares sank Tuesday in Europe and Asia after President Donald Trump announced he was firing Federal Reserve Governor Lisa Cook.

The announcement came after trading closed Monday on Wall Street, where benchmarks reversed some of their big gains from notched last week on hopes for interest rate cuts from the Fed . Trump said in a letter posted Monday on his Truth Social platform that he was removing Cook because of allegations that she committed mortgage fraud.

It's an unprecedented move that marks a sharp escalation in Trump's battle to exert greater control over what has long been considered an institution independent from day-to-day politics . Apart from rattling financial markets, it is likely to touch off an extensive legal battle that will probably go to the Sup

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