ICC Banking Commission Annual Meeting: trade financiers raise concerns about mounting protectionism

The majority of trade financiers from across the globe see US protectionism as the biggest threat to global trade, but experts warn that there are other challenges of far greater concern.

This was revealed at last week’s ICC Banking Commission annual meeting, during which 71% of members of the audience – made up of financial institutions, independent financiers, multilateral development banks and corporates – voted in favour of US protectionism being the top risk to the global economy, during a live poll.

The annual meeting, the theme of which was “Navigating trade in a world of disruption”, dedicated its opening panel session to an in-depth discussion about the ‘new normal’ – and how those that provide – and receive – trade finance can manage and thrive in a world of uncertainty.

Speaking on the panel, Daniel Schmand, chairman of the ICC Banking Commission and global head of trade finance at Deutsche Bank, said that “uncertainty” is the biggest threat to global trade, adding that he believes the world is in the middle of a “Cold War” as opposed to a trade war, where “trade and trade finance is being used as a weapon”.

To read the event write-up, please click here.

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