"China has become the new advocate of free trade and global economy. For its part, the United States will become the champion of protectionism," the analyst said, citing Trump's threat to impose a 35 percent tax on German-made vehicles imported into the US as a case in point.
On Tuesday, Chinese President Xi Jinping warned Trump and any other country intent on pursuing protectionism against such policies in a speech at the World Economic Forum held in Davos, Switzerland. He compared such efforts to attempts to "divert a river into lakes and creeks" and said that it was not possible.
"Globalism certainly creates some problems that we all need to solve together," Xi said. "But what should really scare us is any [leader] not willing to live up to the challenge."
"In this regard South American nations must understand that they will face a more protectionist America," the economist said, adding that this was bad news for those leaders who want to foster ties with Washington.
Oscar Ugarteche explained that in practical terms this means that the US will import less from and invest less into South America.
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