The spiraling conflict between the world’s two largest economies, China and the US, is undermining global trade and development, the premier of Antigua and Barbuda, Gaston Browne, told RT, at the St. Petersburg Economic Forum.
Prices globally could increase on a number of products if the two countries continue to hike tariffs, he said, noting that this will hamper world growth.
“So, I believe that potentially we may see a reduction in GDP to a tune of about $500 billion. And that… will literally impact all countries,” Browne warned.
Also on rt.com Trade war could trigger ‘global financial crisis,’ says ex-China central bank chiefAccording to him, Beijing and Washington should understand that they have an “obligation to collaborate” for the benefit of free trade and peace among nations.
“So, we think [the trade war] is senseless and hope it will come to an end very soon.” Such “muscular rhetoric” as is being used in the trade spat is unhelpful to the whole world, said the prime minister, adding that the two global powers need to act together and understand that “ordinary people in China, the US, the Caribbean and Russia will suffer as a result of this senseless trade war.”
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