US and China heading for lose-lose situation in trade war if they do not talk, says US garment trade chief Rick Helfenbein
- Head of the American Apparel and Footwear Association tells the Post that Washington and Beijing need to sit down and thrash out their grievances
- Rick Helfenbein warns that factories could be forced out of China or close
China and the United States should urgently resolve their trade bickering through dialogue before both end up in a lose-lose situation, the head of one of America’s biggest industry groups has said in an interview with the Post.
Rick Helfenbein, president and CEO of the American Apparel and Footwear Association (AAFA) – an advocacy group representing more than 1,000 major industry brands – described the present situation as “dangerous” and likened the trade war to an approaching tsunami.
US President Donald Trump, in choosing to play hardball with China, stood only to antagonise all parties, from consumers and US retailers to the whole supply chain, Helfenbein said on Monday during a visit to Hong Kong.
“The trade war is like a family argument, which at one point needs a marriage counsellor,” he said. “If they don’t get one, they are heading to the divorce courts, which no one wants, and I don’t think President Trump wants that either … He has overpushed [the tariffs issue].”