Morgan Stanley CEO says he's `not a fan' of Trump tariffs

Biggest issue for the U.S. is fiscal deficits, not trade deficits, Gorman says.
MAR 07, 2018

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."

Latest News

Prediction markets get a new twist: betting on what's already happened
Prediction markets get a new twist: betting on what's already happened

A new platform turns disputed facts into tradable markets, flipping the prediction market model on its head.

Merrill to pay $39 million in cash sweep settlement
Merrill to pay $39 million in cash sweep settlement

The financial advice industry has been facing inquiries into its cash sweep programs for years now.

SEC accuses fund advisor of defrauding SpaceX, OpenAI investors
SEC accuses fund advisor of defrauding SpaceX, OpenAI investors

Investor money allegedly went to strip clubs, exotic cars, and landscaping

RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey
RIA moves: Savant enters Thousand Oaks as Procyon lands in New Jersey

Procyon adds $415 million in assets under management in New Jersey while Savant picks up a $213 million Southern California planning firm

Beyond sell or inherit: A third exit for appreciated property
Beyond sell or inherit: A third exit for appreciated property

With a growing number of real estate-rich Baby Boomers aging into retirement, some advisors may be failing to consider all the options available for those clients' assets.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains