Gary Cohn resigned as President Donald Trump's chief economic adviser Wednesday, and shortly after, U.S. stocks took a dip, according to The Wall Street Journal.
Mr. Cohn's resignation comes as President Trump proposes increased tariffs on steel and aluminum imports, which experts warn could begin an international trade war. Mr. Cohn was widely regarded as a level-headed presence in the White House, and his departure worried many in the finance industry.
"Gary Cohn is well-regarded in the investment community and we are likely to see some short-term negative sentiment [from his departure]," Robert Gillam, CEO of McKinley Capital, told The Wall Street Journal.
The Dow Jones Industrial Average fell 1.3 percent Wednesday while the S&P 500 dropped 0.9 percent and the NASDAQ composite slipped 0.6 percent.