The CEO of one of the biggest private equity firms in the world said that the proposed tariffs of Washington of as much as $60 billion against goods from China had sparked concerns regarding a trade war. However, he said that the tax measure is not set in stone.
The CEO of Blackstone Group, Stephen Schwarzman, said: “Most of the type of things being discussed by the U.S. side can be delayed in terms of their implementation, and hopefully will be. The Blackstone Group had $434 billion in assets under management at the end of last year.
At the China Development Forum that was held last Saturday, he told the CNBC: “I anticipate that rational people will be able to come to a really good solution.
“There’s an opportunity to accelerate the efforts of both countries to find an equitable solution.”
He continued that the goal is for companies from every country to compete on a more level playing field.
According to Reuters, Schwarzman is the highest earner of the private equity industry with a salary of $786 million in 2017. Recently, the Washington Post dubbed him as the “China whisperer” of President Donald Trump for having the leader’s ear on matters that are related to the second-largest economy in the world.
When asked what the line of thinking of Trump was regarding the duties that will be imposed on China, Schwarzman said that the US President has been “pretty consistent in terms of just wanting to have what he would call fair trade.”
Schwarzman added that President Trump has been clear with regards to “having similar burdens on each country so that the most competitive company wins.”