January 24, 2019
Trade talks between the United States and China are not simply about trade but a “new world order,” the chief executive of a major asset management firm told CNBC.
“The big uncertainty is the U.S.-China trade negotiation which is not really about trade, it’s about a new world order,” Investec’s Hendrik du Toit said at the World Economic Forum in Davos, Switzerland.”
“And if we get a dysfunctional world order having come from a space which was very, very good business over the last 20, 30 years since communism fell,” he said, “then there may be some big hits along the way and there may be some big challenges.”
Since early 2018, Washington and Beijing have been engaged in an increasingly intensifying dispute over trade, with new tariffs being leveled on either side targeting billions of dollars’ worth of goods from each other’s economies.
This article was posted: Thursday, January 24, 2019 at 8:07 am