'I think the world can live with some trade friction, it's not the end of the world,' Nassef Sawiris, the billionaire CEO of OCI N.V, told CNBC in Abu Dhabi.
, raising levies on $60 billion worth of U.S. products. Trump has now said he's ready to hit the remaining $300 billion of Chinese imports with tariffs if a trade deal isn't reached.
"Trade creates challenges and opportunities. Vietnam for example is benefiting from the trade war with China, the uncertainty is not welcome by the customers or the investment decision makers," Sawiris said. "At the same time, I think it's manageable." Sawiris' net worth is estimated at more than $7.5 billion. He also serves as executive chairman of British football club Aston Villa FC.Looking at markets, the CEO sees Europe as potentially undervalued, but is not holding out hope for a major uptick in growth from developed markets anytime soon.
Asked if he predicted a U.S. recession, he replied, "Not necessarily, but a slowdown I think is more realistic to be expected than continuous growth for another ten years."
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