Raymond James CEO: 'Will be good' to move past China trade war
'But it's like any deal. It has to be a good deal.'
Raymond James CEO Paul Reilly discusses China trade tensions, U.S. markets and 2020 candidates' financial policies.
Raymond James CEO Paul Reilly told FOX Business' Maria Bartiromo that ending the trade war with China will be good for the U.S. economy.
But, he cautioned, the "phase one" deal being hammered out by the two countries has to be a good one.
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"There certainly has been an imbalance in trade with China, and having tariffs, I think, balanced across the board is the right thing to do," Reilly said.
"It will be good to get us behind it, but it's like any deal. It has to be a good deal," he continued. "You can't make one just to say you did and it not really have an impact."
"It would be good to get us behind it, but it's like any deal – it has to be a good deal."
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Tariffs have been "certainly adding uncertainty," he said.
"You can see it in the market. Every time there's a 'tariff off' or 'tariff on' comment by either side, the markets react pretty robustly," Reilly said.
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President Trump meets with China president Xi Jinping at the G20 Summit in Buenos Aires. Saturday, Dec. 1, 2018. (AP Photo/Pablo Martinez Monsivais)
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China said it would be opening its markets for financial services companies to own wholly-owned banks in the country.
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Reilly said Raymond James has "no immediate plans" to own business in China.
"Competing in China is very difficult," he said. "So certainly, under the old regime, [it's] almost impossible to lock up so much capital and not have control. So at least opening the markets is a step one."