Shares of companies that use metals like steel and aluminum fell Wednesday following the resignation of Gary Cohn, President Donald Trump’s chief economic advisor.
Caterpillar dropped 2 percent and General Motors skidded 1.2 percent. Boeing, United Technologies and Ford Motor slipped less than 1 percent.
Cohn, a free-trade advocate who opposed implementing tariffs, resigned Tuesday night, five days after Trump announced plans for tariffs on steel and aluminum imports. The resignation signaled an increased likelihood that Trump would implement the tariffs.