Most Popular

Most Viewed

US-China trade deal is a ‘ticking time bomb’ for international commerce

The trade agreement between economic superpowers China and the United States will lead to the growth of global trade disputes in the next two years, says Russian presidential adviser Maksim Oreshkin.

In an interview with Russia 24 TV channel, the former Russian economic development minister said the trade deal raises a number of questions.

“We see the Europeans’ reaction to the US-China deal, we see that the Chinese pledge to increase purchases of American goods causes very serious concerns,” said Oreshkin.

He added that there is a question about China’s switch to American products, and whether it means additional barriers on European goods.

“This is such a big ticking time bomb and I think it certainly won’t explode this year, but starting from 2021-2022 we will see a lot of disputes in the US-China-Europe triangle with the inclusion of other countries.”

Oreshkin noted that Russia remains a supporter of multilateral formats when it comes to world trade. “I don’t think that bilateralism is a new future for world trade policy. Russia will certainly remain a supporter of the multilateral formats, [such as] the WTO…” he said.