President Trump's top economic adviser, Gary Cohn, resigned Tuesday after butting heads with the president over tariffs.
Cohn was head of the National Economic Council and he made it clear he is not a fan of President Trump's plan to tax steel and aluminum imports.
Key Republicans were counting on Cohn to convince the president to reconsider.
"Short term this could be bad news for the stock market. Traders on Wall Street like Gary Cohn. They have a lot of confidence in him," said CNBC's Eamon Javers.
In a statement, Cohn said it's been an honor, and President Trump praised him for helping orchestrate tax cuts.
There was tension between Cohn and the president. Cohn's effort to beef up infrastructure were sidelined and one official says the wealthy former banker wanted a bigger job.
President Trump promised to announce a new chief economic adviser soon.
Read more: http://nbcnews.to/2FtiG8j
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