UN chief economist: US-China trade row benefits no one

CNC
Added On May 23, 2019

 In a recent interview with CNC, Harris said that the trade tensions between the world's two largest economies is "a disadvantage to all countries to participate in global trade."

 
SOUNDBITE (English): ELLIOTT?HARRIS, UN Chief Economist 
"?It's an impact that is not limited to the two parties themselves, but it affects the entire global trade, and it will inevitably affect overall global economic performance."
Recent moves by the world's major financial organizations seem to validate his point.
The International Monetary Fund, the Organization of Economic Cooperation and Development and the World Bank all lowered their global growth forecast for 2019.
Harris said the downward revision is because of the slow pace of progress in U.S.-China trade negotiations.
 
SOUNDBITE (English): ELLIOTT?HARRIS, UN Chief Economist
"Now anything that undermines the multilateral trading system, a rules-based, open and non-discriminatory system, will have a negative impact on the ability of all countries to pursue healthy trade relations."
 
The economist added that all disputes can be resolved, and neither side would benefit from continuing the trade disputes.
SOUNDBITE (English): ELLIOTT?HARRIS, UN Chief Economist
 
"I don't think any dispute is inevitable. I think all disputes can be resolved. I think everybody realizes that these trade disputes are potentially very damaging to everybody and there's no one who would benefit from them.