Canadian senator on China-US trade

CNC
Added On April 12, 2018

In an exclusive CNC interview, independent Canadian Senator Yuen Pau Woo has weighed in on the US-China trade dispute. 
 
He says that if a trade war really took place, it would not only hurt China and the US, but would also have an aggregate effect on global economic growth.
 
SOUNDBITE (ENGLISH): YUEN PAU WOO, Canadian Senator
"Well it's the arbitrariness of the trade actions on the part of President Trump, the sledgehammer approach that he has taken trying to rectify some genuine problems in US-China trade, and the great risk that the Chinese will escalate their retaliation leading to further reprisals from the Americans, and hurting Chinese consumers, American consumers and all other trading nations that are connected to China and US trade. There is a real risk of a bilateral trade war turning into a global protectionist problem."
 
Last year, Yuen Pau Woo was appointed as an independent Senator by Prime Minister Justin Trudeau.
 
He says that Trump's recent actions in the China-US trade dispute put Canada at risk.
 
SOUNDBITE (ENGLISH): YUEN PAU WOO, Canadian Senator
"Canada is very vulnerable and is at risk of being seriously side-swiped by American trade actions that are not even directed at Canada. Of course, we run great risk if NAFTA is cancelled or if it's damaged severely, but we are also running the risk of being sideswiped by the US-China trade dispute because our industries are so closely intertwined with American industries that Canadian exports might be seen to be part of an American supply chain, and therefore blocked by Chinese authorities. We also risk being sideswiped by American products which are threatened by Chinese tariffs, because the Americans will be forced to export to third markets, forcing prices down and creating more competition for our industries. So, lots of risks for Canada."
 
Yuen says it's essential that countries do not get sucked into the protectionist cycle, and continue to do all they can to stress the importance of open, free and multilateral trading agreements.