According to Simon Rabinovitch Asia Editor for The Economist, who is covering the US-China trade developments, the damage to global supply chains from the festering trade war between the US and China may be “irreversible,” as the world economy teetered to a recession, ABS-CBN News reports.
Simon said: “The tariff war has made supply chains, which took decades to build. Even of the tariffs are reversed, the damage itself is irreversible. This is like a massive oil tanker and since it’s begun to shift direction, begun to shift course, it can’t go back to the way it used to be.”
The world has experienced an “extremely long recovery” from the 2008 financial crisis and recessions usually happen in 10-year cycles, he added.
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