Politics
Mastercard CEO questions whether U.S. companies will break away from China
Relations between the United States and China have been incredibly complex for many years. Alternating between different trade policies, the two economic supergiants are about to experience increased tensions due to the new tariff plans.
Newly re-elected President Donald Trump campaigned on imposing high tariffs on China and all foreign entities, which economists have argued will have devastating consequences on domestic prices and trade relations. HAS Fortunes Global Forum on Monday in New York, Merit Janow, independent board of directors president of Mastercard and professor at Columbia University, weighed in on the impact of these policies on American businesses. Janow recalled the dark relations between the United States and China in the aftermath of the Tiananmen Square massacre in 1989, and how the partnership between the two countries entered a dark period. But then came times of great trade, when both countries prospered.
There are deep structural tensions between the United States and China. I think this mindset that we have in the United States, that they are our main geopolitical competitor, is going to stay with us, she said. Companies' experiences therefore vary considerably depending on the sector.
Over the past decade, Janow said, relations between the United States and China have become increasingly difficult. Although President Biden tried to avoid conflict and introduce stability with China at the APEC summit in November this year, tensions between the two global giants persisted, she said .
Janow particularly highlighted the technology industry. As China and the United States vie to become the biggest forces in the tech world, they have tightened competitive restrictions in order to maintain their lead. This geopolitical and trade landscape is just one facet of how businesses in the two countries could begin to diverge, as tariffs rise and competition intensifies.
Are we moving towards more targeted decoupling? she asks. There are a lot of questions about how this will evolve. We do not know exactly to what extent this pricing strategy will be deployed and [of] its consequences. [There is] a lot of uncertainty. But are there companies that continue to grow in China? I think there is.
Although Janow acknowledged it was too early to know how Trump's proposed tariff strategy would fare, she described numerous discussions about how tariffs could worsen trade relations between U.S. and Chinese companies. She noted that after 10 years of efforts, Mastercard finally obtained approval to operate in China in 2023 and established a joint venture in May this year. But his story of business success is not universal: many others may not be as fortunate, depending on their industry and circumstances.
Risks, opportunities, structure [are] very different depending on the sector and history, she says.
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Sources 2/ https://fortune.com/2024/11/11/mastercard-chair-volatility-china-trump-tariffs/ The mention sources can contact us to remove/changing this article |
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