Lloyd Blankfein says Chinese companies hurting most from tariffs

Business | 15 May 2019 1:25 pm

The Trump administration’s increasingly higher tariffs on Chinese imports are not a bad idea, Lloyd Blankfein said Tuesday.

“Tariffs might be an effective negotiating tool,” the former Goldman Sachs Group Inc  chief executive tweeted Tuesday night, MarketWatch reports. “Saying it hurts us misses the point. China relies more on trade and hurts more.”

He tweeted: Tariffs might be an effective negotiating tool. Saying it hurts us misses the point. China relies more on trade and loses more. As in a labor strike where mngmnt & workers both get hurt, the process may demonstrate relative strength & resolve & where compromise needs to happen.''

In a follow-up tweet about an hour later, Blankfein — who now serves as Goldman’s senior chairman — said U.S. companies may ultimately benefit.

“US buyers may eventually switch their purchases to domestic or non-Chinese companies (and pay a bit more than now). Chinese companies lose the revenues. Not great but part of the process to assert pressure to level the playing field.”

Blankfein’s comment that U.S. consumers may pay “a bit more” may ring hollow to some, as he had an estimated net worth of $1.1 billion as of 2017, according to Forbes.

 

 

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