The White House has lost one more asset with an understanding of how Wall Street works after Cohn, a free trade advocate and former Goldman Sachs executive, announced his resignation, Cramer contended.
"In the end, the government has to finance a huge number of bonds, and Gary Cohn understands fixed income better than anyone in that White House," said Cramer, who said he's known Cohn for years.
He's like the "Beyonce" of the bond market, Cramer said on "Squawk on the Street," referring to the American singer-songwriter and global icon.
Late Tuesday, Cohn announced his resignation as White House chief economic advisor after he clashed with Trump's protectionist advisors on the issue of tariffs. Multiple media reports had cast doubt on Cohn's future after he was unable to dissuade Trump from imposing steel and aluminum tariffs.
"He's done very good work on the taxes, he's done very good work on the infrastructure," Ross told CNBC. "Gary, as you know from all kind of media, has been contemplating some sort of a move for some little while."
Stocks fell on the news of Cohn's resignation, with the Dow Jones industrial average opening more than 300 points lower. Cohn is seen as someone with business-friendly policies and is well liked on Wall Street.