March 7, 2018 / 9:03 PM / a year ago

Morgan Stanley CEO says steel, aluminum tariffs 'bad idea'

NEW YORK, March 7 (Reuters) - Morgan Stanley’s top executive said on Wednesday that potential tariffs on steel and aluminum that President Donald Trump is to expected to formally sign off on later this week are a “bad idea.”

The “biggest issues this country faces are not trade deficits, they’re fiscal deficits,” Chief Executive Officer James Gorman told CNBC, adding that he was “not a fan” of tariffs.

Gorman added that he is not looking to hire Gary Cohn, a top economic adviser to Trump, who plans to resign. Cohn was formerly president and chief operating officer at Goldman Sachs Group Inc. (Reporting by Catherine Ngai; Editing by Jonathan Oatis)

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