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US-Sino trade conflict could prompt protectionism among countries–Malaysia PM

US-Sino trade conflict could prompt protectionism among countries–Malaysia PM

Mubasher: Trade tensions between the world’s two largest economies would have a “domino effect” on trade policies of other countries which would turn to protectionism, Malaysian Prime Minister Mahathir Mohamad said on Tuesday.

 “The trade tension between the two world powers is bound to create a domino effect that will affect trade reactions and will be a reason for other developed countries to adopt protective measures against developing countries, including the ASEAN [Association of South East Asian Nations],” Premier Mahathir said at the association’s Business and Investment Summit in Singapore.

“This is not the time to close our doors by invoking trade protectionism measures,” Mahathir added.

The US levied tariffs on $250 billion worth of Chinese goods so far, to which China retaliated with $110 billion worth of tariffs on US imports.

US President Donald Trump threatened to impose further tariffs on the remaining of Chinese imports, which worth around $267 billion, if Beijing does not address US demands.