Investing.com — The CEO of Goldman Sachs, David Solomon, emphasized the importance of strengthening the relationship between the US and China, the two largest economies in the world, during an interview at the World Economic Forum in Davos, Switzerland. The statement comes shortly after Donald Trump took the US presidency and threatened to impose new tariffs on goods from China and the European Union.
During Trump's previous term, he imposed tariffs on more than $300 billion of Chinese imports. Solomon, however, suggested that thoughtful restructuring of certain trade agreements could be beneficial to US growth. “The question is, how far? How fast, theoretically?” he asked on CNBC.
Goldman Sachs has a significant presence in China, maintaining offices in Beijing, Shanghai, and Shenzhen. The investment bank, in 2021, received approval from China's securities regulator to fully manage its securities business.
Looking ahead, Solomon reiterated his expectation of a meaningful increase in contract performance by 2025. Last month, he suggested at a conference that equity trading could exceed the 10-year average this year.
As for cryptocurrency, Solomon does not see bitcoin as a threat to the US dollar. He expressed belief in the strength of the dollar and classified bitcoin as a speculative asset.
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