6/27/2019, 5:08 PM (Source: TeleTrader)
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Trade war would be 'devastating' for world economy - Gorman

Morgan Stanley CEO James Gorman (pictured right) said that China and the United States must resolve their trade dispute to avoid affecting the global economy, CNBC reported on Thursday.

In an interview with the media outlet, Gorman said that the two sides could not have a trade war as it would have a "devastating" impact on the global economy. However, he pointed out that that did not preclude the way the trade agreements were being written from being altered. Gorman also cautioned that there was in all likelihood not going to be an orderly solution to the dispute after the upcoming meeting between Chinese leader Xi Jinping and his US counterpart Donald Trump at the G20 summit in Japan and that the discussions would go on "for a decade."

Gorman's comments come after US Trade Representative Robert Lighthizer told the Chinese negotiating team that the trade deal that was being negotiated would not be "balanced." Media also reported earlier in the day that Xi will present Trump with a set of terms that the US should meet before Beijing agrees to settle the trade war.

Breaking the News / DZ