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President Donald Trump’s use of tariffs as part of a political agenda is a potential drag on markets, according to Goldman Sachs CEO David Solomon.
“The issue is that the president is using tariffs as a broader agenda,” Solomon said in a CNBC interview at Recode’s Code Conference in Scottsdale, Ariz. “There’s no question if the president continues to use tariffs for a broader, political agenda, it can have an impact on market activity.”
Solomon said he would rather see less of that, and a “more focused approach” on resolving larger trade issues. The Wall Street CEO agreed with the president that there are fundamental issues of disagreement that “are very significant” between the U.S. and China.
“I agree with the president in pushing this, that we have to rebalance,” Solomon said. “The question is, how will it happen, and over what period of time? I think we can make progress on narrow issues around trade.”
Still, the Goldman chief executive said “uncertainty” and “dislocation” that comes with tariffs and a trade war is “bad for risk assets.” But he also said it’s weighing on the economy.
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