Maersk Cautions on U.S. Protectionism
Danish conglomerate A. P. Moeller-Maersk A/S, the world’s largest container shipping company, has voiced its concern as a potential shift in U.S. policy threatens to reduce global trade, reports Bloomberg.
Maersk group's chief financial officer Trond Westlie said any steps in a more protectionist direction would clearly hurt global economic growth.
No matter how the U.S. presidential election ends, it probably “won’t have an effect on the contracts we have and the employment exposure we have in the U.S.,” says the company.
Trade barriers weaken global growth, Westlie said. Low trade barriers not only help trade growth, but also economic growth.
Maersk transports about 15 percent of the manufactured goods that are sent across the globe each year, making it the world’s biggest container shipping line.
“Trade barriers should be reduced as much as possible,” Westlie said. “That opinion stands whether we’re talking about Brexit or the U.S., but also for tariffs in Africa or South America, for example. So it counts for all countries, not just individual ones.”
