KUALA LUMPUR, Feb 13 — Asia needs to have its own trade body and a monetary system like the Asian Trade Organisation and Asian Monetary Fund to buttress trade, economic activities, and above all reduce poverty through business transactions, according to IQI Global’s chief economist. Shan Saeed...
Thursday, 13 Feb 2020 09:20 PM MYT
“The US protectionist policies would hurt American consumers more than global consumers. American consumers drive 70 per cent of gross domestic product , and with protectionism/tariff/quota structure in place, price inflation would jump by 4-5 per cent easily, resulting in decreasing purchasing power,” he told Bernama TV in a telephone interview here, today.
Shan said IQI made the first call about the yuan on Jan 7, 2011 in New York while the US trade policies came under scrutiny and were not respected by other members of the WTO. Meanwhile, Dr Oh Ei Sun, a senior fellow with the Singapore Institute of International Affairs, commenting on the US’ move to revoke WTO subsidy preferences for some developing nations, said that the Trump administration appeared to have an insatiable fixation with what it perceives as “unfair trade”, and which the rest of the world merely sees as inevitable trade imbalances.
Another factor, he pointed out, is the high labour cost in America as compared with many other countries with less powerful labour movements.
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