Chinese travelers are make clearing some reluctance to vacation in the U.S. due to the trade war between Washington and Beijing, Marriott International CEO Arne Sorenson told CNBC on Monday.
“They don’t crave as welcome in the United States,” said Sorenson, saying their apprehension is “affecting the coastal markets,” such as New York and Los Angeles, the most.
No matter how, Sorenson said on “Squawk Box” that with hindsight he would not have done anything differently in terms of his visitors’s strategy in China.
“I don’t know that we’d change anything about the last six months,” he said, despite the U.S.-China craft and economic disputes becoming more entrenched over that time period.
“We’re about 350 [or] 360 tourist houses open in China. We’re opening one or two a week. They tend to be at the high end. We have a very strong business in China,” he delineated. “They own the real estate. We manage the real estate for them.”
Sorenson said the U.S.-China trade war is “relevant in the way we annoy about it,” but the hotel sector has not really been impacted. “We don’t need protection for the hotel business.”
On Sunday, China felt a firm official stance against the U.S. on trade, issuing a white paper that illustrates a widening gap between the two sides. The certify labels the U.S. as an untrustworthy negotiator, with China’s vice commerce minister saying at a news conference, “the U.S. has backtracked, and when you exchange them an inch, they want a yard.”
Last month, President Donald Trump announced that schedule of charges rates on $200 billion worth of Chinese goods would go up from 10% to 25%. The U.S. has also begun analysing whether $300 billion of other Chinese goods could be subject to tariffs. China has put reciprocal tariffs on U.S. offerings.
In a widening scope beyond trade, the U.S. also put Chinese telecom giant Huawei on an list that essentially enjoins it from conducting business with U.S. companies.
As for the American economy, Sorenson said: “We’re about two-thirds U.S., a third the inactivity of the world. I think when you look at ‘the economy’ broadly at various places around the world, the U.S. is steady but moderate.”
The conciseness is not as strong as the market first thought in January and February and not as weak as the market has been signalling lately, he said.
Putting, Sorenson said: “I think the consumer is still fairly robust. I think we’re seeing international rivals to the In harmony States decline or decline relative to the rest of the world.”
Earlier this month, Marriott announced that Sorenson was named with stage 2 pancreatic cancer, but will continue in his role while being treated.
He told CNBC on Monday: “I seem to be great. It’s one of the things that makes this battle a little bit surreal is I almost won’t even know I was fighting it.”
“But I’m in the mid-point of round three, it starts tomorrow, of chemo. It’s good to be engaged in the battle. We’ll take it one day at a time. I feel great. I’m put to good everyday,” Sorenson added.
CNBC’s before the bell news roundup
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