Gary Cohn to resign as Trump's economic advisor

March 6 (UPI) -- National Economic Council Director Gary Cohn announced plans to resign from President Donald Trump's administration Tuesday.

Cohn, the former president of Goldman Sachs and an advocate for free trade, had been discussing plans to transition out of the White House with Trump and is expected to officially depart in the coming weeks.

"It has been an honor to serve my country and enact pro-growth economic policies to benefit the American people, in particular the passage of historic tax reform," Cohn said in a statement. "I am grateful to the president for giving me this opportunity and wish him and the administration great success in the future."

White House Chief of Staff John Kelly thanked Cohn for his efforts to grow the U.S. economy, saying he "served his country with great distinction."

"I will miss having him as a partner in the White House, but he departs having made a real impact in the lives of the American people," Kelly said.

Cohn's resignation comes after Trump announced he will impose a 25 percent tariff on steel imports and a 10 percent tariff for aluminum, which Cohn had opposed.

Trump issued his own statement, praising Cohn's work in helping to pass the Republican tax overhaul bill and deregulation efforts.

"Gary has been my chief economic adviser and did a superb job in driving our agenda, helping to deliver historic tax cuts and reforms and unleashing the American economy once again," he said. "He is a rare talent, and I thank him for his dedicated service to the American people."