UAE won’t take sides in trade war, says Al Mansouri
dubai — The UAE should stay away from the trade war between the US and China and not take sides with anyone, said UAE Minister of Economy Sultan bin Saeed Al Mansouri.
While speaking at a panel discussion about the outlook on global trade at the World Government Summit on Monday, Al Mansouri alerted that the trade war between the world’s top two economies will harm “all of us”.
Due to the trade wars, fears of protectionism has been growing globally, sparking a slowdown in the global economy and trade. US President Donald Trump has postponed tariffs on Chinese imports worth $200 billion to 25 per cent from 10 per cent to allow negotiators some time to thrash out a deal. The two sides have already slapped tariffs on more than $360 billion in twoway trade, hitting the two countries’ manufacturing sectors.
Mark Matthews, managing director and head of Research Asia, Julius Bär, said Americans are actually asking the countries to choose the side in the trade row with China.
“If push comes to shove, all the countries in Europe and Western democracies will choose the US.
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The trade war between the world’s top two economies will harm all of us Sultan bin Saeed Al Mansouri,
UAE’s Minister of Economy
Gulf region will benefit from the trade war and Silk Route as both US and China will try to win the region over
Mark Matthews, MD and head of Research Asia, Julius Bär
The imposition of tariffs by the US is completely against the logic Christian Witsch,
CEO, Gulf Extrusions