Former Goldman Sachs chief Lloyd Blankfein agrees with President Trump's stance on tariffs in the ongoing trade war with China, Politico reported Thursday.
As a surprise to some, Blankfein defended Trump's actions with China and rebuked television pundits for "missing the point" on the president's tariffs.
"Of course it's bad for everybody," the former Goldman CEO told Politico. "Sometimes you engage in behavior that's bad for you because you can't bring the other side to a reasonable conclusion...until you establish who has more at stake."as the trade war between the United States and China has escalated since the beginning of May.
"Do I think this is a negotiating tactic? Yes. Do I think it could backfire on us? Yes. But if we don't do anything, this will just go on for a lot longer," he said.and will hurt China in the long term. "Tariffs might be an effective negotiating tool," he said in the tweet. Blankfein went on to say that ultimately China bears the cost of tariffs. Tariffs may cause U.S. buyers to switch their purchases to local or non-Chinese companies, which will cause Chinese companies to lose revenues, he said
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