Morrison: US-China trade war putting “living standards of billions of people at risk”
Prime Minister Scott Morrison has warned the trade war between the United States and China is unprecedentedly testing global trade and “putting the prosperity and living standards of billions of people at risk.”
Mr Morrison, who is in London to commemorate the 75th anniversary of the D-Day landings, issued the warning during a speech to the Australia-UK Chamber of Commerce.
He stressed the importance of multilateral economic institutions that forged the “post-war liberal economic order” and delivered “prosperity unprecedented in human history”.
“Yet today, the global trading system is under real and sustained pressure,” he said.
“Trade conflict between the US and China is testing the system as never before, and is putting the prosperity and living standards of billions of people at risk.”
The Prime Minister acknowledged there is a need to review the rules of international trade to keep them up-to-date, but said reforming and strengthening multilateral institutions is the answer and not crippling or blocking them.
While in the UK, Mr Morrison will meet British Prime Minister Theresa May, US President Donald Trump, German Chancellor Angela Merkel, French President Emmanuel Macron and Canadian Prime Minister Justin Trudeau at a special event at Portsmouth.
He and his wife have already met Queen Elizabeth and given her the gift of a signed copy of the official biography of champion racehorse Winx.
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