Billionaire businessman Ken Langone said President Trump is “doing the right thing” by increasing tariffs on China.
“It’s got teeth,” the co-founder of Home Depot (NYSE:HD) said Thursday.
“The only way you’re going to get somebody to a table for negotiations is when they have something to lose,” said Mr. Langone, also the founder of investment bank Invemed Associates.
Mr. Langone also praised US Trade Representative Robert Lighthizer’s hard line approach in negotiations with China. “I give Trump a lot of credit for backing him up,” he explained.
Mr. Langone did admit that long-term tariffs are bad for business. “God forbid if this is a permanent thing,” he said.
But for now, he expects consumers to accept any short-term pain and side with the President’s strategy Vs China.
“The American people, deep down in their heart, are going to say, ‘What’s right for America, is right for me.’”