Goldman Sachs CEO David Solomon emphasized the importance of strengthening the bilateral ties between the United States and China, the two economic powerhouses of the world. Speaking to CNBC at the World Economic Forum in Davos, Switzerland, Solomon’s comments come in the wake of newly inaugurated President Donald Trump’s threats to impose additional tariffs on imports from China and the European Union.
During his previous term, Trump imposed tariffs on over $300 billion worth of Chinese imports. Solomon noted that while a rebalancing of certain trade agreements could fuel U.S. economic growth if executed effectively, the key lies in the approach—how far, how quickly, and how thoughtfully these measures are implemented.
Goldman Sachs, renowned for its extensive presence in China with offices in Beijing, Shanghai, and Shenzhen, recently gained approval from China’s securities regulator to assume full control of its mainland securities business in 2021. Solomon expressed optimism about a surge in deal activity in the coming years, foreseeing a substantial uptick in equities dealmaking that could surpass the 10-year averages.
With an eye on the evolving dynamics of global trade and finance, Goldman Sachs under Solomon’s leadership is poised to navigate the complex landscape of international commerce and investment. As the world watches with bated breath, the future of economic relations between the U.S. and China hangs in the balance, guided by the deliberations and actions of influential figures like Solomon.
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