Tags: Trump Administration | morgan | stanley | trump tariff

Morgan Stanley CEO: Trump's Steel, Aluminum Tariffs 'Bad Idea'

(Mohamed Ahmed Soliman | Dreamstime)

Wednesday, 07 March 2018 05:47 PM

Morgan Stanley's top executive said on Wednesday that potential tariffs on steel and aluminum that U.S. President Donald Trump is expected to sign later this week are a "bad idea."

"The biggest issues this country faces are not trade deficits, they're fiscal deficits," Chief Executive Officer James Gorman told CNBC.

“You can always enter into a trade war, but doing it with allies, doing it with countries we sell a lot of goods to, that’s not necessarily the best way to move forward,” Gorman said on CNBC. “Hopefully it will be moderated over the next 24 hours.”

He said the biggest issues for the U.S. are fiscal deficits, not trade shortfalls.

Gorman said that imposing tariffs on a country or ally that the United States sells a lot of goods to is not the "best way to move forward." He added that there may be retaliation from other countries due to the tariffs.

"You can't be unilateral with these things," he added. "Once you put in some tariffs, they will respond, whether they're friend or foe."

Gorman added that he is not looking to hire Gary Cohn, a top economic adviser to Trump, who is leaving the White House. Cohn was formerly president and chief operating officer at Goldman Sachs Group Inc. 

When asked if he would be looking to hire Cohn, Gorman smiled and said, “No.”

“I like Gary,” he said. “But no, I’m very comfortable with our team, thank you very much.”

© 2019 Thomson/Reuters. All rights reserved.

   
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Morgan Stanley's top executive said on Wednesday that potential tariffs on steel and aluminum that U.S. President Donald Trump is expected to sign later this week are a "bad idea."
morgan, stanley, trump tariff
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2018-47-07
Wednesday, 07 March 2018 05:47 PM
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