Ex-Fed Chair Yellen: Phase one trade deal doesn't remove “more troublesome” risk of conflict over emerging technologies
Speaking at the Asian Financial Forum on Monday, the former Federal Reserve (Fed) Chairwoman Janet Yellen warned that the US-China tradewar is far from over.
Key Quotes:
“Unresolved tensions over technology could divide the world.
Slow the development of artificial intelligence and 5G.
Phase one" trade agreement will still leave tariffs on hundreds of billions of dollars of Chinese goods in place.
It doesn't remove the "more troublesome" risk of conflict over emerging technologies.
Referred to tariffs of up to 25% on $370 billion of Chinese goods that will remain in place covers around 2/3rds of China's exports to the US.
Phase one tariff rollback won't be "very noticeable" for US households.
And "more troublesome, difficult" issues are ahead, such as:
Subsidies on Chinese state-owned enterprises.
Competition between the US and China in artificial intelligence, 5G mobile networks and other technology related to national security.”
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
