But, he cautioned, the "phase one" deal being hammered out by the two countries has to be a good one.
"There certainly has been an imbalance in trade with China, and having tariffs, I think, balanced across the board is the right thing to do," Reilly said.
"It will be good to get us behind it, but it's like any deal. It has to be a good deal," he continued. "You can't make one just to say you did and it not really have an impact."
"It would be good to get us behind it, but it's like any deal – it has to be a good deal."
Tariffs have been "certainly adding uncertainty," he said.
"You can see it in the market. Every time there's a 'tariff off' or 'tariff on' comment by either side, the markets react pretty robustly," Reilly said.
Reilly said Raymond James has "no immediate plans" to own business in China.
"Competing in China is very difficult," he said. "So certainly, under the old regime, [it's] almost impossible to lock up so much capital and not have control. So at least opening the markets is a step one."