Ex-Goldman Sachs boss Lloyd Blankfein urges Trump – Business News
Former Goldman Sachs CEO Lloyd Blankfein on Friday appeared to take an oblique swipe at President Trump’s rollout of reciprocal tariffs because the stock market tanked for a second straight day amid an escalating world commerce conflict.
Blankfein urged Trump to delay imposition of reciprocal tariffs by six months to be able to give international locations time to barter higher commerce offers with the United States.
“The switchboard at the WH must be burning up with gov’ts trying to surrender in this trade war. Why not give them a chance?” Blankfein wrote on X.
Former Goldman Sachs CEO Lloyd Blankfein urged President Trump to delay imposition of reciprocal tariffs by six months. REUTERS
In a follow-up post, Blankfein really helpful a strategic delay in implementing the reciprocal tariffs.
“Take the win! The Prez said he’d make us tired of winning…I’m there now!” he added.
Blankfein proposed that the administration keep the new 10% base tariff that goes into impact Saturday however delay the reciprocal measures slated to kick in Wednesday.
The former Goldman CEO, who stepped down as chief govt of the investment banking giant in 2018, has had a sophisticated relationship with Trump.
During Trump’s 2016 run for the White House, Blankfein was featured in a Trump marketing campaign advert that was criticized for anti-globalist sentiments, which some interpreted as antisemitic.
In 2017, Blankfein publicly opposed Trump’s immigration ban, emphasizing the significance of variety and stating, “This is not a policy we support.”
He additionally criticized Trump’s determination to withdraw from the Paris Agreement on climate change, calling it a setback for American management.
However, in 2020, Blankfein expressed reservations about Democratic presidential candidate Bernie Sanders, suggesting he may discover it more durable to vote for Sanders than for Trump.
Blankfein urged Trump to “take the win” and begin negotiating offers with international locations to decrease tariffs. Getty Images
Following the Jan. 6, 2021 Capitol riot, Blankfein criticized Wall Street for overlooking Trump’s character flaws, stating that the financial industry had “put a clothespin on our nose” as a result of Trump delivered favorable financial insurance policies.
Blankfein’s remarks Friday got here on the second consecutive day of the market’s freefall.
The Dow Jones Industrial Average plummeted more than 1,600 factors, including to Thursday’s 1,679-point loss.
The S&P 500 dropped one other 4% on Friday after already shedding 4.8% the day before today. Both indexes are actually more than 15% under their latest peaks.
Meanwhile, the Nasdaq Composite — home to many tech giants with publicity to China — fell 3.8% Friday.
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If it closes at this stage, the index shall be down more than 21% from its December high, formally coming into bear market territory.
Much of the harm got here within the wake of China’s retaliatory response to Trump’s tariffs.
Beijing’s commerce ministry on Friday introduced a sweeping 34% tariff on all US imports — matching the new price the White House set for Chinese items earlier within the week.
The tech sector, notably weak to tariffs resulting from its world manufacturing and provide chains, bore the brunt of the selloff.
Apple shares slipped more than 3%, including to a staggering 10% weekly drop.
The Dow Jones Industrial Average plummeted more than 1,300 factors, or 2.4%, including to Thursday’s 1,679-point loss. AP
Nvidia, a key participant in artificial intelligence, fell 6%, and Tesla dropped 9%.
All three firms are closely reliant on Chinese manufacturing and gross sales.
As tensions flared with China, Trump appeared to open a window for negotiation with one other commerce companion — Vietnam.
Posting on Truth Social, Trump mentioned he had spoken with Vietnamese chief Tô Lâm in regards to the chance of easing new tariffs.
“Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the US,” Trump wrote.
“I thanked him on behalf of our Country, and said I look forward to a meeting in the near future,” he added.
The announcement had an fast impression on markets. Shares of Nike, which manufactures about a quarter of its footwear in Vietnam, rose following Trump’s feedback.
Trump’s 46% tariff on Vietnamese items is scheduled to take impact subsequent week, and analysts warn that world provide chains might face continued disruption if commerce tensions escalate additional.
