Morgan Stanley CEO says steel, aluminum tariffs 'bad idea': CNBC

Updated: Thu, Mar 08, 2018
03:04 am
Reuters
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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."

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

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 . [nL2N1QO26O]

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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