{"id":32351,"date":"2019-05-21T09:52:36","date_gmt":"2019-05-21T13:52:36","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=32351"},"modified":"2019-05-21T09:52:36","modified_gmt":"2019-05-21T13:52:36","slug":"pm-concerned-that-us-china-trade-war-could-lead-to-increase-prices","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/pm-concerned-that-us-china-trade-war-could-lead-to-increase-prices\/","title":{"rendered":"PM Concerned That US-China Trade War Could Lead To Increase Prices"},"content":{"rendered":"
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Prime Minister Gaston Browne says he fears that the ongoing trade dispute between the United States and China will lead to increase in prices of goods locally.<\/p>

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Browne says 80 per cent of goods we consume come from the United States.<\/p>\n

He told radio listeners that the dispute will increase prices for certain consumer goods in the US.<\/p>

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“My understanding is that even Walmart has recently increased its prices and I am sure other US stores and suppliers will increase their prices if this trade war continues.<\/p>

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So we have to watch that very closely and we have a policy that anything that affects us we are defending our interests,” he said.<\/p>\n

The prime minister is calling on the two world powers to resolve the issue.<\/p>

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“We will call on China to cooperate with the United States and similarly we will call on the United States to try and resolve the issues as soon as possible because while the elephants are fighting they are literally trampling on the grass, they are hurting us,” he said.<\/p>\n

Browne said, “we have a voice and the good thing about\u2026we have a stake we have a vested interest and if they going to be involved in a protracted trade war that\u2019s going to increase prices here we are going to make our voice be heard.”<\/p>

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The Paris-based\u00a0Organisation for Economic Co-operation and Development(OECD) said that an intensification of the dispute between Washington and Beijing would likely knock as much as 0.7% off the level of global GDP by 2021-22.<\/p>

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Under such a scenario, the hit to the world economy from higher tariffs could be quantified at almost $600bn (\u00a3472bn).<\/p>\n

US President Donald Trump has complained about China’s trading practices since before he took office in 2016.<\/p>\n

The\u00a0US launched an investigation into Chinese trade policies\u00a0in 2017. It imposed tariffs on billions of dollars worth of Chinese products last year, and Beijing retaliated in kind.<\/p>\n

After months of hostilities, both countries agreed to halt new trade tariffs in December to allow for talks.<\/p>\n

Optimism had grown over the prospect of a deal, but that faded, and now the US has\u00a0more than doubled tariffs\u00a0on $200bn (\u00a3153.7bn) worth of Chinese products.<\/p>\n

Beijing retaliated three days later with tariff hikes on $60bn of US goods.<\/p>\n

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