World faces rising tide of trade protectionism, says Morrison

18th November, 2018 09:51:56 printer

PORT MORESBY: Trade wars benefit no one and must be solved by negotiation rather than tit-for-tat tariffs, Australia’s prime minister said Saturday ahead of an APEC summit likely to be dominated by US- China trade tensions.

The world is facing a “rising tide of trade protectionism” and financial market volatility, Scott Morrison warned in a speech to business leaders ahead of the two-day summit of Asia-Pacific leaders, reports AFP.

“The solution is not throwing up protectionist barriers,” he said. “Tit-for-tat protectionism and threats of trade wars are in no one’s interest economically.