Globalisation in its current form “may have now run its course”, according to HSBC chair Sir Mark Tucker, who said trade and geopolitical tensions would lead to stronger economic ties between regional groups and trade blocs.
In a speech at the bank’s Global Investment Summit in Hong Kong on Tuesday, Tucker said trade tensions created uncertainty that posed a “serious potential risk to global growth”.
Since taking office in January, US President Donald Trump has slapped tariffs on key trading partners, including China, Canada and Mexico, and is expected to impose more on April 2, when his administration unveils “reciprocal tariffs” on countries around the world.
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