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US-China Trade War is Unlikely as Both Sides Have Much to Lose - Official

© AP Photo / Charles DharapakChinese and U.S. flags. (File)
Chinese and U.S. flags. (File) - Sputnik International
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According to a member of the APEC Business Advisory Council, a trade war between the US and China will unlikely happen as both countries have much to lose.

People pause near a bus adorned with large photos of candidates Hillary Clinton and Donald Trump before the presidential debate. - Sputnik International
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LIMA (Sputnik) — Expecting a trade war between China and the United States under Donald Trump's presidency can be an exaggeration, as both countries have much to lose in an open trade confrontation, a member of the APEC Business Advisory Council (ABAC) told Sputnik on Tuesday.

"There is certainly a high risk [of a trade war], but this may not happen. Both US and China would have a lot to lose and others will be caught in the cross-fire," Stephen Jacobi, a member of APEC Business Advisory Council and the executive director of New Zealand's International Business Forum, said.

US President-elect Trump promised to designate China a "currency manipulator" on day one of his presidency and to do everything possible not to allow China harm US businesses. Trump also promised to impose tariffs of up to 45 percent on China's exports to the United States.

"Imposition of US tariffs on China will inevitably be challenged at the WTO.  This is likely to do more harm to the US than to China," Jacobi said.

Trump's harsh rhetoric is not necessarily to be implemented, as "much depends on the policies the President-elect decides to pursue, the people he appoints to key positions and the behavior of the future president himself," according to the ABAC member.

ABAC is a private sector arm of APEC, comprising up to three senior business people from each APEC economy, representing small and large enterprises. ABAC members attend annual APEC ministerial and senior officials' meetings and advise APEC leaders on businesses' priorities and concerns.

APEC leaders will meet with ABAC representatives on November 19, in course of the APEC week in Lima, to discuss policy priorities and recommendations for the private sector.

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