(Dan Tri) – US President Donald Trump’s warnings about imposing additional tax sanctions on Chinese goods have become a topic of discussion for leaders at the World Economic Forum (Dan Tri)
Leaders attending the World Economic Forum on ASEAN in Vietnam on September 12 (Photo: AFP)
According to AFP, the current escalating trade tensions between the US and China have caused impacts on a global scale.
US President Donald Trump has imposed a 25% tax on $50 billion of goods imported from China.
According to AFP, the increasingly `hot` trade war between the world’s two leading economies is a topic of concern at the World Economic Forum (WEF), taking place from September 11-12 in Hanoi.
Mr. Fred Burke, managing partner at law firm Baker McKenzie in Vietnam, said that ASEAN countries are viewing US-China trade tensions as beneficial to them because it means companies will shift operations.
Previously, rising labor costs in China, the world’s second largest economy, pushed businesses to look to new markets such as Vietnam and Cambodia – where Adidas shoes, H&M shirts and Samsung phones are manufactured.
Although the US-China trade war may boost foreign investment in Southeast Asia, some experts warn that the long-term impact of this war may not be really optimistic.
“There are concerns that protectionism is not good for Asia because this is a region that relies heavily on exports, so any move that leads to an increase in trade barriers is
Agreeing with the above view, CNBC economic journalist Sri Jegarajah said that the threat from the global trade conflict has impacted the development prospects of export-dependent economies such as Singapore and Malaysia.
According to a WEF report, ASEAN’s trade value increased by nearly 1 trillion USD from 2007-2014 due to the bloc’s active participation in the trade liberalization process, in contrast to the policies of the General Assembly.
Speaking at the opening session of the WEF on September 12, Singapore Prime Minister Lee Hsien Loong emphasized that deep economic integration within the ASEAN framework is an important condition for the 4th Industrial Revolution. According to him, ASEAN
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According to AFP