FILE PHOTO: David M. Solomon, Chairman and CEO of Goldman Sachs, speaks during the Milken Institute’s 22nd annual Global Conference in Beverly Hills, California, U.S., April 29, 2019. REUTERS/Mike Blake
(Reuters) – Goldman Sachs Chief Executive David Solomon told CNBC on Tuesday that U.S. President Donald Trump’s use of tariffs as part of a political agenda can impact market activity.
A trade war is “bad for risk assets” and tariffs bring “dislocation” and “uncertainty,” Solomon said, adding that he is not big a fan of the economic cost of tariffs.
“The issue is that the president is using tariffs as a broader agenda,” Solomon said in the interview. “There’s no question if the president continues to use tariffs for a broader, political agenda, it can have an impact on market activity.”
Reporting by Kanishka Singh in Bengaluru; Editing by Leslie Adler