US will lose the trade war – but the whole world will suffer
US PRESIDENT Donald Trump’s moves to hinder the rise of China’s economy and reverse the trade deficit is “ill-advised” and will only cause the US to “suffer more” in the long run, Alibaba’s head executives said Wednesday. Speaking at the South China Morning Post’s (SCMP) China Conference in Kuala Lumpur, CEO Jack Ma said he didn’t understand the logic behind Trump’s approach of imposing tariffs on huge numbers of Chinese imports. The business mogul also pointed out that America has benefitted from its trade relationship with China, predominantly due to outsourcing jobs to Asia’s biggest economy. Despite fearing the tactics would damage global trade, Ma said he still remained “optimistic.” SEE ALSO: US-China Trade: Are we heading for the next cold war? Citing America’s US$350 billion trade deficit with China, and Beijing’s intellectual property theft, Trump has mounted up tariffs on large chunks of Chinese imports, causing the global economy to slow. On Tuesday, the International Monetary Fund (IMF) released a report setting the world’s projected economic growth for 2019 at 3.7 percent. This signals a slowdown after it was lowered by 0.2 percent from original projections, due in large part to Trump’s policies. “The forecast for 2019 has been revised down due to recently announced trade measures, including the tariffs imposed on US$200 billion of US imports from China,” reads the World Economic Outlook report. The measures have also slowed China’s economy, dropping to 6.2 percent growth from a previously anticipated 6.6 percent. Ma’s second in command at Alibaba, Joe Tsai, went further in his criticism of US tactics, saying Washington was pushing the sides into a “cold war or geopolitical war.” ... If you wish to read this full breaking news headline, plus more articles from around Thailand and Asia like, US will lose the trade war – but the whole world will suffer, simply click on 'Read full story' below, but 1st please give us a 'LIKE' or 'SHARE' before you leave. Thank you
Published By: ASIAN CORRESPONDENT - Wednesday, 10 October, 2018
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