protectionism

South East Asian governments responded with a wave of protectionism, as local businesses demanded to be shielded from the impact of Chinese imports.

“If the Chinese government can usher in stimulus measures so big they can offset a lot of these protectionism policies, there is a chance that maybe they could narrowly escape the recession,” Liu said.

Trump is trying to create a chip industry through protectionism and isolation, when what allowed the chip industry to emerge throughout Asia is the opposite: collaboration in a globalised economy.

Yet, a recent legacy of protectionism and inward-focused trade policies have held back its global competitiveness.

“Remember, every producer in a society is also a consumer. No consumer benefits from higher prices and no producer benefits from scarcer materials. Every country that has tried protectionism has suffered terribly, including ours.”