Through frameworks like the Belt and Road Initiative and BRICS, China's substantial economic capabilities can help bolster the resilience of numerous other countries in defusing trade and financial crises stemming from the unilateral measures of the United States, said an Egyptian economist.
CAIRO, April 22 (Xinhua) -- The unilateral protectionist policies adopted by the United States, particularly those related to tariffs, are harming the global economy, impacting international supply chains and unsettling financial markets, an Egyptian economist has said.
The tariffs imposed by the Trump administration -- whether on its allies or so-called adversaries -- are likely to drive up operating and production costs for businesses worldwide, as well as disrupt the established global supply chains, Karim Adel, head of the Cairo-based Al Adl Center for Economic and Strategic Studies, told Xinhua in a recent interview.
For example, Egypt, whose economy relies on industries that require the import of raw, semifinished, or manufactured materials, is likely to be seriously affected due to rising costs, he noted.
However, he pointed out that Egypt still has the opportunity to mitigate the severity of the U.S. measures by strengthening partnerships with countries like China.
Noting that Egypt and China have strong and fruitful bilateral ties and enjoy a positive momentum of cooperation across numerous sectors, Adel said the current global economic situation could be an opportunity to boost bilateral cooperation even further.
He expects China to be seeking such enhanced cooperation in the coming period, especially considering its significant investments and business operations within the Suez Canal Economic Zone and various other Egyptian cities.
Through frameworks like the Belt and Road Initiative and BRICS, China's substantial economic capabilities can help bolster the resilience of numerous other countries in defusing trade and financial crises stemming from the unilateral measures of the United States, Adel said.
He suggested that economies around the world, particularly those in the Global South, proactively strengthen their cooperation efforts to mitigate the potential adverse impact of Trump's actions.■