Morgan Stanley CEO says steel, aluminum tariffs bad idea: CNBC
Morgan Stanley CEO says steel, aluminum tariffs bad idea: CNBC
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.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.