US President Donald Trump is unlikely to impose “super tariffs” on China, although his trade policies could create new trade links and business opportunities in Asia, the Middle East and Africa, according to the outgoing group chairman of Standard Chartered.
While Trump’s imposition of higher tariffs on Canada, China and Mexico have led to tit-for-tat responses and clouded the outlook for global growth, Jose Vinals played down the fears of a prolonged and debilitating trade war.
“Tariffs are negative for global growth and global trade, but my hope, and also my guess, is that we are not going to have a ‘super tariff’ on China,” Vinals told a media briefing on Tuesday in Hong Kong, where the bank’s international advisory council hosted a meeting.
He believed the tariffs on China were unlikely to reach 60 per cent as feared by the market, as these tariffs would be modified after negotiations.
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China vows to take ‘all necessary measures’ after imposition of latest US tariffs
China vows to take ‘all necessary measures’ after imposition of latest US tariffs
Trump this month imposed tariffs of as much as 25 per cent tariffs on certain goods from mainland China, Canada and Mexico.
