Christine Lagarde, President of the European Central Bank, visited the Temple of Confucius and shared a Confucian aphorism that emphasized the need for both learning and critical thinking in response to current global economic challenges. This sentiment resonates amidst ongoing trade discussions between U.S. and Chinese officials, marked by a backdrop of protectionist measures and tariffs imposed by President Trump. Despite a temporary suspension of some tariffs, significant uncertainties remain in trade relations, impacting businesses globally. Recent data indicates a stark decline in Chinese exports to the U.S., further complicating the trade landscape.
He who learns but doesn't think is lost," the veteran economist said. "He who thinks but doesn't learn is in danger." Lagarde suggested that such Confucian wisdom was relevant to her current mission.
It's not quite clear what Trump and his allies have learned since launching the latest phase of this trade war with the Asian giant, but there's a broad consensus among economists about the dangers facing the United States.
The broader uncertainty over the trade landscape is a drag on businesses in both countries that are enmeshed in global supply chains.
Data suggests a 34 percent decline in Chinese exports to the United States, a significant dip that can be partially offset only by increased sales to other parts of the world.
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