Last week’s summit meeting between US President Donald Trump and China’s President Xi Jinping was initially overshadowed by Friday’s news of US missile strikes on Syria. But from the details since released, it is clear the summit will likely have far-reaching impact on the global economy. As US Commerce Secretary Wilbur Ross revealed afterwards, the 2 leaders agreed to implement:
“A 100-day plan with way-stations of accomplishment. We made very clear that our primary objectives are twofold:
One is to reduce the trade deficit quite noticeably between the United States and China
The second is to increase total trade between the two countries
Ominously, he added, “Words are easy, discussions are easy, endless meetings are easy. What’s hard is tangible results, and if we don’t get some tangible results within the first 100 days, I think we’ll have to re-examine whether it’s worthwhile continuing them.”
Ross has set a tough target to be met with 100 days (18 July), especially given the range of major issues involved.
This is why ICIS and International eChem have combined their expertise to produce a new Report, The War of Words, focused on the implications of any deal – or lack of any deal – on the global petrochemicals industry. The Report highlights how a “business-as-usual scenario” is the least likely outcome for the years ahead. As my co-author, John Richardson of ICIS highlights:
“Our aim is to provide a clear understanding of the tectonic shifts now under way in the world’s two largest economies, and to offer a detailed road map outlining the potential impact of these developments on business and investments.”
The Report provides companies and investors with the insight and analysis needed to prepare for almost inevitable change to today’s business models. It highlights how today’s globalised world – whereby raw materials are routinely shipped half-way around the world, and then returned as finished product – is most unlikely to survive for much longer.
The “War of Words” Report is the first in a quarterly series of “Uncertainty Studies“. It provides a clear understanding of the tectonic shifts now under way in the world’s two largest economies, and a detailed road map highlighting the likely impact of these developments on business and investments. It is essential support for decision-makers.
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