Speaking on “Squawk Box” on Thursday, Zarit said: “We have to keep in mind that these are the two largest trading countries in the world, we are very intertwined, and we rely a lot on each other for economic benefit.”

“Tariffs are a blunt instrument and there will be a lot of, what we feel is, counterproductive results actually hurting U.S. consumers and U.S. companies,” he added.