Nas­daq head Greifeld hope­ful Trump will re­fine, not kill, trade

The Myanmar Times - - International Business -

NAS­DAQ chief Robert Greifeld said he was wor­ried about a US trade war with China but ex­pects Pres­i­dent-elect Don­ald Trump to adopt a prag­matic ap­proach in of­fice.

“I do worry” about a trade war with China, “but we’re mu­tu­ally de­pen­dent,” Mr Greifeld said in a dis­cus­sion at the Coun­cil on For­eign Re­la­tions three weeks af­ter Mr Trump’s shock elec­tion vic­tory. How­ever, he said he ex­pects “cooler heads” to per­mit US tech­nol­ogy com­pa­nies to con­tinue to sell in China.

Mr Trump cam­paigned ag­gres­sively against free trade agree­ments and vowed to push for con­ces­sions from China, Mex­ico and other key part­ners, although he has ap­peared to soften his stance on that and other is­sues since the elec­tion.

Mr Greifeld said he ex­pects Mr Trump will seek a “re­fine­ment” of ex­ist­ing deals such as the North Amer­i­can Free Trade Agree­ment, rather than a full re­place­ment.

“Clearly he got elected be­cause peo­ple were not pos­i­tively af­fected by NAFTA.”

But he sug­gested free trade was in­ex­orable given the pro­lif­er­a­tion of dig­i­tal cur­ren­cies and other tech­nolo­gies that ex­pand nat­u­rally be­yond na­tional bor­ders.

“The pace of change is go­ing to hit in the next five years,” he said.

Mr Greifeld spent elec­tion day in Portugal and watched re­sults into the small hours.

Nas­daq that night was dis­tressed as Mr Trump’s win ini­tially sent stocks spi­ralling, but they quickly piv­oted to move up­wards, lead­ing to nu­mer­ous record clos­ing levels fol­low­ing the vote. The about-face in stocks showed “the mar­kets don’t al­ways lis­ten to the me­dia,” he said. “For­get the other is­sues, you just elected a very pro-busi­ness pres­i­dent”.

Mr Greifeld said he was con­cerned about Euro­pean elec­tions head­ing into 2017, but did not have any de­signs on what would hap­pen.

“Ob­vi­ously glob­al­i­sa­tion has not helped ev­ery­one in a uni­form way and in a democ­racy peo­ple are al­lowed to vote.” –

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