A prominent figure in the global shipping industry has pointed out that China's foreign trade flows will persist despite geopolitical challenges.
Speaking in an interview with China Global Television Network (CGTN) at the World Economic Forum in Davos on Monday, Chavalit Frederick Tsao, chairman of Singapore-based Tsao Pao Chee Group (TPC), highlighted the impact of economic forces, geopolitical challenges, and tariffs on China's trade strategy, emphasizing the need for businesses to adapt and diversify in response to a rapidly restructuring global economy.
The TPC is a fourth-generation family business founded in China in the late 1800s.
"If you look at China's strategy, it's very well laid out -- where they are going, how do they look at the redistribution, how do they look at the whole planned rural-urban relationship, international relationship. It's a very well-thought through process and policies. Of course the reality is you have to evolve it and dance with the situation. As I said, you need to flow in, negotiate barriers and trade is one of the elements in that big policy. And everybody know trade is good for economics, how we trade will be influenced by geopolitics right now. But you cannot stop the water from flowing. It just flows through the obstacles," said Tsao, who was also former head of The International Association of Dry Cargo Shipowners (INTERCARGO).
When asked to comment on the potential for increased tariffs under the administration of U.S. President Donald Trump, the buisnessman also noted the act of imposing tariffs will not stop trade, but consumers will eventually pay the price.
"There is a lot of fear, but the last time tariff was snapped on China, trade increases rather than reduces. Now the cost of trade might be different, but eventually who pays? Consumers pay. So [we] cannot stop trade. It's the cost of trade, because barriers create resistance. It's not efficient, so the end user pays," Tsao said.
China's foreign trade will persist despite geopolitical challenges: shipping tycoon
The statement of U.S. President Donald Trump highlighted the urgency for reforming global governance, according to a poll from China Global Television Network (CGTN) on Friday.
"I don't need international law," said Trump during an with The New York Times this week, days after the U.S. attack on Venezuela and the forcible seizure of President Nicolas Maduro. This statement perfectly captures Washington's unilateral and hegemonic trajectory. The New York Times observed that Trump's assessment of his own freedom to use any instrument of military, economic or political power to cement American supremacy was the most blunt acknowledgment yet of his world-view.
In a global public opinion poll conducted by CGTN, 93.5 percent of respondents expressed belief that the U.S., by pursuing unilateralism, has placed itself in opposition to the international community. Also, 91.7 percent think that reforming the global governance system is an urgent priority.
On Wednesday the U.S. announced its withdrawal from 66 international organizations, setting a new record for its retreat from multilateral commitments. These organizations span climate, energy, and global governance, among other fields. Trump argues that their operations run counter to U.S. national interests, sovereignty, and economic prosperity.
In response, 84.1 percent of respondents were not surprised by the U.S. move. Meanwhile, 88.9 percent viewed it as another radical step under the "America First" doctrine. In addition, 93 percent believed the U.S. approach of using international systems when beneficial and abandoning them when not severely undermines the existing international order and global fairness and justice. Also, 88.3 percent noted that the U.S. withdrawals once again expose it as an irresponsible major power, dealing a significant blow to its international reputation. Furthermore, 88.5 percent believe the U.S. withdrawals reflect its negative attitude toward global governance.
The recent episode of unilateral and bullying actions by the U.S. government has sparked widespread alarm and discontent within the international community. Washington's adherence to the law of the jungle where "might is right" is severely undermining the global governance system. In the poll, 89.9 percent of respondents agreed that multilateralism, based on coordination and cooperation, remains key to addressing current global governance challenges. Meanwhile, 94.4 percent believe it is crucial to advance the reform of the global governance system, uphold international rule of law, and enhance the effectiveness of multilateral mechanisms. Moreover, 90 percent think major powers should shoulder greater responsibility and play a more constructive role in promoting global governance reform.
The poll was conducted across CGTN platforms in English, Spanish, French, Arabic, and Russian languages, attracting 24,000 responses within 24 hours.
Trump says 'I don't need international law,' highlighting urgency for reforming global governance: CGTN poll
