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US-China trade dispute is ‘already in the early stages’ of a second Cold War, Niall Ferguson says

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September 6, 2019

The world’s two largest economies are “already in the early stages” of a second Cold War, according to Niall Ferguson, a senior fellow at the Hoover Institution at Stanford University.

Speaking to CNBC’s Steve Sedgwick at the Ambrosetti Forum in Italy on Friday, Ferguson said President Donald Trump was now in a position where he would be unable to prevent lasting damage to U.S.-China relations by de-escalating their protracted trade dispute.

That’s because the long-running trade conflict between Washington and Beijing was “not just about trade,” Ferguson said.

Instead, it had become a multi-faceted dispute, concerning technological and geopolitical issues.

“The good news is I don’t think they are destined for a hot war over the South China Sea or anywhere else, but I do think they are in a Cold War.”

“And I don’t think President Trump any longer has the power to turn it off by doing a trade deal — which I think he intends to do at some point between now and next year’s election,” Ferguson said.

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This article was posted: Friday, September 6, 2019 at 5:30 am

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