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ADB President: Tariff War Means Asian Countries Need New Trading Partners
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Asian countries, which have become stronger than ever as export-oriented countries, cannot afford to be complacent in the face of high U.S. tariffs and should promote diversification of trading partners and boost domestic demand to ensure they can cope with the current global trade war, said Masato Kanda, president of the Asian Development Bank (ADB). He said the sharp market volatility is one of the main reasons why Asian countries need to diversify their economic base, and what Asian countries can do is to protect the regional economy from external shocks and build resilience to future shocks. While the U.S. criticized other countries for lowering their exchange rates to boost exports, Kanda responded that trade and currencies are completely different issues that need to be negotiated from their respective professional perspectives. AAStocks Financial News |
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