Gary Cohn's exit from the White House is the loss of one of the most important pro-investor voices in the Trump administration and could be a negative for stocks and the dollar.
"It would seem to be not business friendly, not something good for investors. He was the voice against some of the trade protectionism," said Marc Chandler, head of currency strategy at Brown Brothers Harriman.
Stock futures sold off on the news of Cohn's departure, with the Dow losing an initial 300 points.
"I think going forward you lose another voice of moderation," said Chandler.
Cohn had been reportedly opposed to President Donald Trump's plan to tax imports of steel and aluminum from all countries. He was an architect of tax reform. Treasury Secretary Steven Mnuchin on Tuesday was more moderate on the idea of tariffs and said that Canada and Mexico could be exempt under a new NAFTA, which is still being negotiated.