Petar T. Ivanov: There are no winners in any trade wars (Video)

The biggest economy in the world is the European one. This fact creates competition among the global powers, and we witness re-shift of the business and commercial relations. This was said by Petar T. Ivanov, Executive Director of AmCham Bulgaria on BloombergTV Morning Show today.

“Trump’s policy is clear: it protects America’s interests. He is quite consistent in what he said prior and after the U.S. Elections. The real question is that if this is impossible or not. However, I see couple of positive things. Trump laid his cards on the table and said that there are many disadvantageous trade relations for America compared with the EU and China. The main issue here is how to address that. So far it has been addressed with only rising of duties and taxes, that leads to a trade war. We are not there yet, but we are heading that way. The bad thing is that there are no winners in either sides of any trade war,” Ivanov said also.

President Trump’s actions aim at starting new negotiations, to forget all the old dogmas, and to set up a new approach.

He made it clear that over the last years the American Administrations we deliberately shut their eyes up for some not that good practices of China. Most of them are related with the patent law and the copy-right protection.

“All of that leads to unfair competitiveness. It has been said bluntly to the face of those partners. I think that is the right way.”

AmCham Bulgaria is member of one of the largest business networks of the world. “We are in contact with the rest of the AmChams in Europe and globally. The American business has understood long time ago that if they want to be successful globally, they have to establish commercial chambers in each country they want to operate in order to protect their businesses. For example, the German-American Chamber of Commerce is established in 1901, and the U.S. Chamber of Commerce is established nine years later. Thus, we can not accept one sided measures such as raise of duties and tariffs. We don’t see this right. On the other hand we see it is important to place on the table the issues of the patents and copy-rights. This is the only way to develop normal business relations.

I think that the EU has to focus on itself first. The issues have grounds on the fact that the EU is being disunited for many years now. When there is a Presidential visit from USA there is not a single person to speak only with, he also pointed.

It is obvious that the WTO is not the institutional body that it was. We understood also that the old alliances are not what they were before. We saw that G-7 has only wishing decisions, and all of that will be addressed without read trade war, but to start negotiations as a fresh start.

At the end Petar T. Ivanov said that the ultimate goal of each first-term president is to be reelected. Trump’s rating shows that he gets support from the American citizens.


Source: BloombergTV Bulgaria