A trade war between the United States and China may cause China's economy to contract and a global economic downturn, the CEO of Russia's largest lender Sberbank said Thursday
ST. PETERSBURG (Pakistan Point News / Sputnik - 06th June, 2019) A trade war between the United States and China may cause China's economy to contract and a global economic downturn, the CEO of Russia's largest lender Sberbank said Thursday.
Herman Gref spoke at the SPIEF economic forum in St. Petersburg. The three-day event began earlier in the day. It has attracted officials and business leaders from Russia and abroad.
"China alone accounted for 36 percent of the global economic growth over the past decade. If you add India to China, their combined contribution would be more than a half of the global GDP. A slowdown in these countries will be felt by all," he said.
Gref added that his bank was closely watching the unfolding standoff between the world's two largest economies and warned that the repercussions of tit-for-tat tariffs should not be overlooked.
US President Donald Trump has made reducing the US trade shortfall with China of more than $500 billion annually a top priority and imposed duties on about $200 billion of Chinese goods in a campaign to revise economic relations between the two nations.
