Afrida Ahmed: Southeast Asian leaders are expected to protest against protectionism this weekend at a summit in Singapore amongst fears that the increased tariff tensions between the US and China could potentially cause a global war. Southeast Asia which has a growing population of 650 million people is home to several worlds’ fastest growing economies which are largely due to the benefits of free and open trade. However, officials have warned that the increase trade tensions between the world’s two biggest economies might be risky for the region’s growth outlook. According to a draft of their final statement, leaders from the 10-country Association of Southeast Asian Nations (Asean) are expected to vow to fight protectionism when they meet in the summit on Saturday. US President has shocked the entire world when he imposed tariffs on steel, aluminum imports and on US$50 billion worth of Chinese exports. But Beijing has also responded by imposing duties on important US agricultural exports in efforts to target the American president’s support base. Brunei, Malaysia, the Philippines and Vietnam have placed partial claims to the sea and have set them against China which asserts over almost the entire area.
Source: Business Times
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