President Donald Trump’s administration is failing to recognize the negative effect America’s trade dispute with China and other countries will have on his voters, an investment chief told CNBC.
Mark Phelps, chief investment officer of concentrated global growth at AllianceBernstein, said that the prime victim of the sparring of tariffs between the U.S., China and others will be consumers, because companies will likely conclude that they need to raise prices to deal with a downturn in imports from trading partners.