‘Everybody loses’ in US-China trade war — Dominguez
He’s keeping fingers crossed that the trade war won’t escalate further.
Finance Secretary Carlos Dominguez III is hoping for the best outcome as far as the recent showdown between the United States and China is concerned.
Although he stands assured that the Philippines remains resilient to shocks, the Cabinet official said no one really wins should these two countries maintain their standoff.
“The Philippines is watching very carefully as are the ASEAN finance ministers to see how this trade dispute will work out. We’re hoping that cooler heads will prevail, and that there will be a renewed commitment to openness to liberalization and to fairness for everybody,” Dominguez said in a statement.
“We don’t rely on exports or imports as much as other economies. So we’re sort of insulated. But still, I’m not downplaying. If there is a full-blown trade war, everybody is going to be affected,” Dominguez added.
China and the US are slapping hefty tariffs on imports in a show of force between the world’s biggest economies.