- Former Goldman Sachs CEO Lloyd Blankfein thinks the trade war could be good for America.
- He expects tariffs to hurt China more than the US because of the former’s greater reliance on trade.
- Blankfein compared the trade war to a labor strike, where both sides suffer but the winner demonstrates “strength” and “resolve,” and forces a compromise.
- Americans will pay “a bit more” for goods but “assert pressure to level the playing field.”
Lloyd Blankfein thinks the trade war could be good for America.
The former Goldman Sachs CEO argued tariffs hurt China more than the US in a tweet on Tuesday. He compared the face-off between the world’s two largest economies to a labor strike, where management and workers both suffer but one side is cowed by the other’s conviction and ultimately compromises.
“Tariffs might be an effective negotiating tool,” Blankfein wrote. “Saying it hurts us misses the point.”