White House chief economic advisor Gary Cohn has resigned from President Donald Trump’s administration.

While Cohn’s departure date has not been announced, the development comes after Trump’s announcement last week that tariffs would be implemented on steel and aluminum imports.

Before the market close, U.S. stock indexes had dipped into the red on a Bloomberg report that Trump believed Cohn would step down if those metals tariffs were implemented, although they later recovered to close with slight gains.

The dollar slid against the safe-haven yen on the latest news, fetching 105.67 at 6:50 a.m. HK/SIN, compared to the 106.11 seen at the end of the New York session.

The SPDR S&P 500 ETF Trust also fell one percent while U.S. stock index futures traded lower, with Dow Jones industrial average futures down 301 points.

U.S. markets, which closed before the announcement, closed with moderate gains on Tuesday. The Dow edged up 0.04 percent, or 9.36 points, to close at 24,884.12, the S&P 500 rose 0.26 percent to end at 2,728 and the Nasdaq composite added 0.56 percent to finish the day at 7,372.

Analysts also said risk sentiment in the last session was helped by positive news from the Korean Peninsula after South Korea said North Korea was open to talks with the U.S. on denuclearization.