While “open” is the keyword of the Boao Forum
for Asia, Donald Trump’s administration seems to be heading in the
opposite direction. In response to growing US protectionism, South Korea
said it will suspend tariff concessions on certain US goods, becoming
one of the first countries to take such a line. Will more countries
follow suit? How can Asia deal with the US when it's being so
protective?
M.D. Nalapat, vice-chair of Manipal
University's Advanced Research Group in New Delhi, shared
his perspectives on global trade with CGTN.
US' trade protectionism is harmful to both China and the US
Mr. Nalapat thinks the US is becoming
more dependent on Asia, and global trade should be a two-way street and
win-win situation. However, Washington thinks in zero-sum terms. He said
the notion that America wanting to benefit from global trade without
any costs is a delusion. Today’s Asia is strong enough to challenge the
US. A united Asia has the capability to hurt the US economy,
and that will affect the political standing of Trump and his party, he
pointed out.
Trump is a businessman who was elected
on the hopes of making America great again. Mr. Nalapat added that the
trade war instead weakens the country's economy, and will tank voter
support for Trump.
China will be the leader of innovation in the future
In addition to the ongoing trade conflict between
the US and China, Mr. Nalapat shared his insights on China's ongoing
reform as well.
He said that China’s private
businesses are “extremely capable and competitive,” as Chinese
entrepreneurs are brilliant. As a businessman who has garnered global
influence, Alibaba Group's Jack Ma will have more followers in the next
twenty years.
Mr. Nalapat also emphasized the flow
of migrant talent, noting that the US shuts doors across the world,
especially for people from non-European countries, China stands to
benefit from this flow of human capital.
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