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The China-U.S. phase one trade deal may calm investors worldwide a bit, and as the two economies are twined tightly, both sides should be careful in unraveling the tensions, according to Anthony Scaramucci, founder and co-managing partner of Skybridge Capital.
"I think what we learned in the process is that our two economies are so tightly linked that we have to be very careful in trying to unravel that. [If not] it'll cause great harm to both economies," Scaramucci told CGTN's Cheng Lei on the sidelines of the World Economic Forum in Davos, Switzerland.
He was concerned that additional tariffs - not only the ones between China and the U.S. but also what U.S. President Donald Trump has threatened to impose on the EU recently - will hurt American people in the end.
"It costs the American people billions of dollars. And it costs the people that we had to be helping - the middle- and lower-class - billions of dollars… They're gonna put another burden on the American people," Scaramucci stressed.
He shared his cousin's example. "My cousin who's a blue-collar worker, he's in auto glass installation. Unfortunately, those tariffs that were imposed on the auto glass coming in from China hurt his business dramatically. If they raise them again, that would put him and his 16 workers out of business."
According to him, governmental aid or auto bailout is not the right solution. Therefore, he advised the two countries to "cohabitate" and seek for an intersection of negotiations, that's good for both sides.
"I'm one of the Americans that don't have the xenophobia about China. I wish great success for China and its people," he said.
Scaramucci wished China to rise peacefully and to be a part of the international community in the way that "China has been, historically, not just over the last 40 years since 1979, but over the last 5,000 years."
The U.S. economy has enjoyed a robust 2019, but Scaramucci warned of underlying signs of weakness going forward: "The PPI numbers have not been great. Corporate defaults are increasing. And Federal Reserve wouldn't have moved three times with interest rates."
"So I want the economy to do very well. I want the Chinese, American and the global economy to be very robust, but we have to be cautious," he warned.
