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Guan Tao: US Trade War Harms Others Without Benefiting Itself, Hong Kong Becomes Major Beneficiary
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Guan Tao, Global Chief Economist at Zhongyin Securities, wrote that diversification of international reserve assets accelerated last year, with the US dollar's share of global reserves falling to 56.77%, well below 64.68% in 2016. He argued that the trade war initiated by the United States harms others without benefiting itself, noting that the US has not gained from the trade war, while its traditional allies have also been severely hit by its reciprocal tariff policies. He stated that the international trade system was heavily impacted by US tariff policies last year. However, as new US tariffs were suspended until August, retaliatory measures by other economies were limited, and numerous tariff exemptions were granted, the overall negative impact of tariffs was lower than expected. Meanwhile, the US did not benefit from the trade war. Last year, the US share of global exports stood at 8.32%, down 0.09 ppts from the previous year. Traditional US allies were also significantly affected by reciprocal tariffs, with the Group of Seven's share of global exports falling by 0.51 ppts, India declining by 0.11 ppts, and South Korea also decreasing by 0.09 ppts. The article added that Taiwan and Hong Kong became major beneficiaries of the trade war. Taiwan's export market share increased by 0.51 ppts, while Hong Kong's rose by 0.24 ppts. Although Hong Kong's status as a separate customs territory was revoked, its export market share still increased against the trend, mainly because the importance of the US as an export market for Hong Kong has declined substantially. (mn/j) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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