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Citigroup hired Robert Lighthizer, the former commercial representative of the American president Donald Trump, to advise his clients on how to navigate the benefits of the administration's trade war.
The Wall Street Bank confirmed on Thursday that it had appointed the former American commercial representative as a principal advisor when he sought to help customers respond to Trump's import rates.
Lighthizer served as a Trump commercial chief between 2017 and 2021 and played a key role in training the protectionist agenda of the administration at the time. The former official played a decisive role in the application of commercial barriers with China and renegotiated the North American free trade agreement with Mexico and Canada on behalf of the United States.
“Given our global presence, the fact that the Ambassador Lighthizer The ideas on the dynamics is confronted with world trade is very precious for us and our customers,” said Citi. The appointment was reported for the first time by the Wall Street Journal.
A person familiar with the case said that Lighthizer had not been hired to work full time at the bank and actually acted with a consultant.
Trump protectionist trade policies have sparked market disorders that have proven a double -edged sword for Wall Street banks.
The import prices have turned the financial markets upset and disagreed on the ice, hoping that the thrust of the deregulation of the administration would release the “animal spirits” and would release the demand for mergers and acquisitions.
However, banks have benefited from an increase in commercial activity thanks to greater volatility on the markets, with CitiA 20% increase in first quarter profits stimulated by the performance of its commercial activities.
The United States is currently in a period of 90-day detention in which many radical prices announced on April 2 are interrupted, in order to authorize Washington and its business partners to negotiate.
Citi's financial director, Mark Mason, told journalists last month that the customers of the Bank companies “were preparing for more front wind” with some strengthening their balance sheets or accelerating imports. Citi is present in more than 90 countries.
