Blackstone president Jonathan Gray has warned that the US economy faces the risk of a recession unless Donald Trump can rapidly strike trade deals, becoming the latest Wall Street boss to ratchet up pressure on the administration.
The US president last week announced a 90-day suspension of the steep tariffs the White House had imposed on most of America’s trading partners, paving the way for negotiations with dozens of countries.
Gray, who oversees the day-to-day operations of the investment group, said: “I would expect an economic slowdown. How significant the economic slowdown is will be directly correlated to the length of the tariff diplomacy.”
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