Major players in global trade will consider possible countermeasures and strategies to moderate the medium- and long-terms impacts of Donald Trump’s trade protectionism. Amid the trade war, China, Japan, and South Korea are reviving the delayed agenda of East Asia integration.
Contrary to Trump’s comments at the World Economic Forum, a trade war remains unlikely despite the ongoing US-China trade deficit, as criticism of China is part of the campaign narrative and making China a scapegoat for things going wrong is old hat.
The Chinese agenda is to build the “Polar Silk Road” through developing the Arctic shipping routes. What makes it an essential need is the strategic significance of the Northern Sea Route, a potential key trading route between the eastern, western and northern hemispheres.
The Chief Minister of West Bengal Mamata Banerjee has been pro-active in her outreach to both domestic and foreign investors. She has led delegations to a number of countries including the UK and Singapore.
In the last few years, China has climbed to the pinnacle of nations of the world in terms of creativity and innovation. Breakthroughs in artificial intelligence and quantum computers are thought to give China a big advantage in its global power and influence.
Canada’s economic exchange with China started in the 1960s with wheat exports to China. Today, 50 percent of Canadian exports to China are based on natural resources and the Canadian government believes that they have more resources to offer.
Observers had expected a major breakthrough on the front of trade during Canadian Prime Minister Justin Trudeau’s trip to China in December 2017. Both countries however simply agreed to continue their “exploratory discussions toward a comprehensive trade agreement.”