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Two leading executives from Wall Street have expressed their support for Donald Trump, even as the US president moves forward with import tariffs and a trade policy that has raised concerns about a potential slowdown in the largest economy in the world.
Stephen Schwarzman, CEO of Blackstone, remarked to reporters in India on Wednesday that the tariffs would ultimately result in a considerable boost in US manufacturing activity.
“Considering the scale of the US, that typically benefits the whole world,” stated Schwarzman, a well-known donor to Trump.
On the other hand, David Solomon, CEO of Goldman Sachs, mentioned that the business sector “recognizes what the president aims to achieve with tariffs,” but he called for more “clarity” regarding the policy direction of the Trump administration.
Trump’s 25 percent tariffs on imports of steel and aluminum took effect Wednesday, eliciting retaliatory measures from the EU, which stated these measures would impact up to €26 billion worth of American products. Canada has also declared 25 percent tariffs on approximately C$30 billion of goods made in the US.
“The business sector will always prefer lower tariffs, everywhere globally,” noted Solomon.
However, he appreciated Trump’s broader agenda and his willingness to collaborate with business leaders, expressing to Fox News his approval of the way “the president interacts with the business community.” “This is a different experience compared to what we’ve encountered over the last four years,” said Solomon.
“CEOs are enthusiastic about some of the favorable developments, such as the push for deregulation,” he explained, adding that regulatory burdens had been a “major obstacle to growth and investment.”
Solomon anticipated an uptick in initial public offerings, which had been “quiet” over the last couple of years, by 2025.
He was among a group of business leaders who engaged with Trump at a Tuesday evening event hosted by the Business Roundtable, an association of 200 CEOs from major American firms.
Many attendees have recently seen their companies’ market valuations decline due to recession fears and an escalating trade conflict.
Trump addressed the attendees, asserting that tariffs would enhance domestic job creation and industrial output in the US. “The greatest achievement is if [businesses] establish operations in our country and generate jobs,” he proclaimed. “That represents a more significant victory than the tariffs themselves.”
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In addition to revitalizing US manufacturing, Trump’s assertive trade policies aim to reduce the nation’s trade deficit and compel Mexico and Canada to curb the flow of irregular migrants and fentanyl across the southern and northern borders of the US.
Yet, the escalating tensions between the US and some of its closest allies are creating unease within the business community.
Alongside retaliatory measures from the EU and Canada, worries persist about the possibility of Trump enforcing reciprocal tariffs on all trading partners starting April 2, as punishment for what Washington considers unfair taxes, levies, regulations, and subsidies.
Additional reporting by Antoine Gara and Oliver Barnes in New York
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