By Shaun Jayaratnam, Associate Vice President, Vega Foods Singapore
“Protectionism is a misnomer. The only people protected by tariffs, quotas and trade restrictions are those engaged in uneconomic and wasteful activity. Free trade is the only philosophy compatible with international peace and prosperity.” – Walter Block
China’s unfair competition strategy, taking advantage of the US open markets while keeping its own markets closed to US companies and products as well as factory closures and job losses in the US are the many reasons cited for the trade war. A Forbes 24 January 2019 article states that China’s technological rise and quest to dominate digital technologies as perhaps an official reason for the trade war.