Rubenstein says "unlikely" Trump to seek trade spat resolution Trade war continues to be major factor facing economy SINGAPORE: American business leaders do not think the US midterm elections will significantly affect what yhey have identified as the number one issue — the trade war between America and China — at the Bloomberg New Economy Forum in Singapore. Gary Cohn, former Goldman Sachs banker and chief economic adviser to President Trump, said: “I wish I could sit here and say that after the mid-term elections the White House will understand that they want to solve the trade issue, but I do not think there is an instant cure. I think the Chinese want to solve the trade issue.” David Rubenstein, co-founder of the Carlyle Group investment firm, said it was unlikely that “Trump will now seek some resolution of the China trade skirmish.” But he added that fact the House of Representatives and the State are now controlled by different parties was not necessarily a bad thing for business. “The US economy has done pretty well in recent times, over the past 30 years or so, when the Congress has been split in control, so you should not assume he economy will go south. “When you have Houses controlled by different parties they have to compromise to some extent to get anything done, and this tends to be positive,” he added. Michael Bloomberg the founder of the information and media group who financially back the Democrats against Trump’s Republicans in some key states, said that the “chaos” In Washington would continue after the mid term elections. “There will probably be more investigations but no progress. I’m a cynic. It’s all done for show by this administration. Fo example, on the North American Free Trade Agreement, we got tough with the Canadians and with the Mexicans, and thence just renamed NAFTA. Everything is a soundbite, it’s all done for the TV cameras,” he said. There was speculation at the forum that Bloomberg might announce he was seeking the Democratic nomination for the presidential election of 2020, but there was no public statement from him. One Bloomberg insider said that the narrowness of the mid-term result — with the Republicans actually increasing their Senate majority despite losing the House, might have persuaded Bloomberg to back off a presidential bid.