NEW YORK (Reuters) - 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]
(Reporting by Catherine Ngai; Editing by Jonathan Oatis and Lisa Shumaker)
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app