Morgan Stanley CEO James Gorman said he's "not a fan" of tariffs proposed by U.S. President Donald J. Trump, saying they will lead to retaliation from trading partners.
"You can always enter into a trade war, but doing it with allies, doing it with countries we sell a lot of goods to, that's not necessarily the best way to move forward," Mr. Gorman said Wednesday on CNBC. "Hopefully it will be moderated over the next 24 hours."
He said the biggest issues for the U.S. are fiscal deficits, not trade shortfalls.
Ex-Goldman Sachs Group Inc. executive Gary Cohn said Tuesday that he would resign as Mr. Trump's chief economic adviser after a dispute over the president's plans for levies on imported steel and aluminum.
When asked if he would be looking to hire Mr. Cohn, Mr. Gorman smiled and said, "No."
"I like Gary," he said. "But no, I'm very comfortable with our team, thank you very much."