Protectionism

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Last quote about Protectionism

Paul Schott Stevens - Investment Company Institute
The Commission's approach is likely to inspire policymakers in regions around the world to reconsider terms of access for European managers to their markets. New rounds of protectionism can only harm markets and investors around the world.feedback
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Sep 21 2017
Protectionism has been commented on by 223 key people in the news. You can find all of them on this page with their statements. People who have been most quoted about Protectionism are: Wolfgang Schäuble, Christine Lagarde, Michael Clauss and Xi Jinping. For instance, the most recent quote from Wolfgang Schäuble is: “Until now I can't see… that the new administration in the US has destroyed all the regulations we have achieved there for financial markets. There has been a lot of talking in that direction and the other direction as well, but in substance… I think protectionism is not the danger in Europe.”.
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All quotes about Protectionism

Chad Bown - Peterson Institute for International Economics

It is very consistent with the president's stance on liking trade barriers, liking protectionism. This makes Nafta in many respects less of a free-trade agreement.feedback

Peter Navarro

It does the American economy no long-term good to only keep the big box factories where we are now assembling 'American' products that are composed primarily of foreign components. We need to manufacture those components in a robust domestic supply chain that will spur job and wage growth.feedback

Christina Hamilton - Western Union

We are being forced to think about the impact of some of the protectionism that we're seeing around the globe and on our business.feedback

Christina Hamilton - Western Union

I do have some concern for the fintech industry. Clearly there's been an impact in the U.K. already, and that's something that we just have to watch very carefully. As far as the overall rise of protectionism (is concerned), I think there was quite a lot of concern after Brexit and the U.S. election.feedback

Paolo Gentiloni

We cannot waste this moment of recovery, giving signals of protectionism or of incorrect trade behavior.feedback

Cecilia Malmström - European Trade

If global trade rules are not upheld, the E.U. will retaliate, but I cannot say now exactly how and when. We understand that the U.S. has concerns about overcapacity in China but we don't think this is the right way to go, as you cannot fight protectionism with protectionism.feedback

Jean-Claude Juncker - European Commission

Today we agreed in principle on an Economic Partnership Agreement, the impact of which goes far beyond our shores. Together, we are sending a strong message to the world that we stand for open and fair trade. As far as we are concerned, there is no protection in protectionism. Only by working together will we be able to set ambitious global standards. This will be the message that the EU and Japan will bring together to the G20 tomorrow.feedback

Brian Klaas

The multilateral order forged by the United States is under pressure from nationalism, corruption, dictatorships and protectionism.feedback

Shinzo Abe

Ahead of the G20 summit tomorrow, I believe Japan and the EU are demonstrating our strong political will to fly the flag for free trade against a shift towards protectionism. It is a strong message to the world.feedback

Vladimir Putin

I'm convinced that only open trade relations based on uniform norms and standards can stimulate growth of the global economy and support a progressive development of intergovernmental relations.feedback

Vladimir Putin

The old economic models have all but exhausted their possibilities. Protectionism is becoming the norm, while unilateral, politically motivated restrictions on trade and investment, as well as technology transfer, are nothing but masked protectionism. We believe that these sanctions are not only doomed to fail but also run counter to the G20 principles of cooperation in the interests of all countries.feedback

Mikael Olai Milhøj - Danske Bank

The G20 meeting starts tomorrow and there are many things to talk about: North Korea, Paris climate change deal, trade/protectionism, Ukraine and so on. CNN has a long list of Trump's disagreement with G20 counterparts and EU-Japan is expected to present its free trade deal (removing 99pc of tariffs on traded goods) today.feedback

Vladimir Putin

Protectionism is developing into a behavioural norm. Limits by one-sided, politically motivated sanctions on investment, trade and particularly technology transfer are becoming its hidden form.feedback

Christine Lagarde - International Monetary Fund

Countries need to look for ways to guard against risk, accelerate growth, and leverage the power of international cooperation. No country is an island, and policies taken by any nation can resonate stronger and last longer with coordination from the other G20 members.feedback

Nigel Cory

In this context, the tariff isn't protectionism, but a valid response to a specific case of unfair trade, as allowed by the rules. But an across the board tariff on all steel and aluminum imports appears more of a general protectionist tool. Furthermore, given imports of steel are already heavily restricted from China – which would be the main target of any such measure given it has long been blamed for overcapacity in the sector – you've got to ask what's the point of this broad tariff if it is supposed to be about trade enforcement.feedback

Donald McDonald - ABC

I would not want to see us to return to this type of place, this type of barrier. For this, sense of hope and trust and relationships had been damaged by political decision of protectionism by the UK.feedback

Angela Merkel

Anyone who believes the problems of this world can be solved with isolationism and protectionism is making a huge mistake.feedback

Angela Merkel

Whoever believes the problems of this world can be solved by isolationism and protectionism is making a tremendous error. We will and must take on this existential challenge, and we cannot and will not wait until every last person in the world can be convinced of climate change by scientific evidence. In other words: The climate treaty is irreversible and is not negotiable.feedback

Angela Merkel

The differences are obvious and it would be dishonest to try to cover that up. That I won't do. The European Union unconditionally stands by its agreement in Paris and will implement it speedily and with determination. Those who think that the problems of this world can be solved with isolationism or protectionism are terribly wrong.feedback

Angela Merkel

The EU's unity is greater than some heated debates might suggest. The remaining EU-27 are well prepared for the Brexit negotiations. Those who believe that these problems can be solved with isolationism and protectionism are seriously misled. We are convinced that climate change is one of the greatest challenges facing humanity, an existential challenge. We cannot wait to act until the science has convinced every last doubter.feedback

Jorge Beristain - Deutsche Bank

Supportive trade policy actions such as Section 232, could be a catalyst to change investor perception. We now have Buys on all Steels & Service Center names as they should benefit from stronger US economic growth and rising trade protectionism.feedback

Aldo Mazzaferro

We're skating at the edge of when we can drag this protectionism out. We can't do much more than we're doing other than risking a demand contraction.feedback

Peter Rigby

We have no protectionism here. The reason France has a nuclear industry, a shipbuilding industry, an aviation industry, a motor car building industry, is because of government intervention. My gambit has come from punch cards to artificial intelligence, like computing. My mother said that to me. I admire so much about the military, but I wanted to create something. The RAF is an admirable career but not one in which there is the freedom of ideas and risk-taking you have in being an entrepreneur.feedback

Mark Carney - Bank of England

It would be all too easy to give in to protectionism. But as we learned in the 1930s, that road leads neither to equity nor prosperity. Raising barriers to trade disproportionately hurts the least well off through higher prices and fewer opportunities.feedback

Douglas Morton - Northern Trust

The implications, particularly in (an) environment where global investors are still trying to find yields in emerging markets, are vast.feedback

Vishnu Varathan - Mizuho Bank

His broader point may be that investors ought to take the longer view insofar that MSCI inclusion is a matter of time and whether it happens today or not is simply a detail. Also, embedded in the statement is that fact that governance issues will be forced to the fore as financial markets (in China) internationalize. And this, over time, will strengthen the financial sector – 'baptism of fire' not excluded entirely, of course.feedback

Zhou Xiaochuan

From the experience of many countries, including our own, protections will lead to laziness and weakness... protectionism will lead to weak competitiveness and will hurt the industry's development, and (make for) unhealthy and unstable markets and institutions.feedback

Gareth Stace

The UK sector is entirely supportive of measures taken to tackle dumping of steel products and unscrupulous trading practices but this move has the potential to go much further than necessary. Trade defence instruments must be seen as a last resort to protect domestic industries and ultimately boost global free trade. This move at least has the potential to cross the line into protectionism which in the long term can only be harmful to the global sector.feedback

Neil Williams - Hermes

The Fed remains the test case for whether central banks can ever 'normalize´ rates. We expect it to try, but fail - hiking the funds target just once or maybe twice more in future forecast-round months. With the lagged effects of previous hikes yet to come through - it takes an average 18 months before rate hikes affect consumer spending in full - delayed tax cuts, potential protectionism and cold winds elsewhere, this should mean a 'peak´ rate under two percent.feedback

Jeffrey Immelt

There is deep skepticism toward the ideas that powered economic expansion for a generation, with concepts like innovation, productivity and globalisation being challenged and protectionism on the rise. We're in an era when some very basic assumptions about the global economy are being tested - an era when trust in big institutions is so low that the most valued 'strategy' is simply change in any form.feedback

Alexandre de Juniac - Air France-KLM

Nothing should stand in the way of aviation–the business of freedom. Aviation is globalization at its very best. But to deliver aviation's many benefits we need borders that are open to people and trade. Today we face headwinds from those who would deny the benefits of globalization and point us in the direction of protectionism. This is a threat to our industry. We must bear witness to the achievements of our connected world. And we must ensure the benefits of aviation for future generations.feedback

Brian Pearce - International Air Transport Association

Strong volumes don't necessarily equal strong profitability for the air transport industry, but it's an encouraging start.feedback

Alexandre de Juniac - Air France-KLM

You see that in Europe, you see that in the U.S. ... Any barrier to borders, we consider as a threat.feedback

Alexandre de Juniac - Air France-KLM

We recognise the (security) threat, we have no doubt about that, but we doubt the measure.feedback

Nadejda Popova

There are elements here that are specific to BA, but if airlines do not transform their operational systems and learn from this, then we could be seeing more such incidents.feedback

Victoria Hewson

I don't sense that protectionism is particularly at the forefront of people's minds - in fact, people are still very much in favour of Britain as a global trading nation.feedback

Wolfgang Schäuble

Until now I can't see… that the new administration in the US has destroyed all the regulations we have achieved there for financial markets. There has been a lot of talking in that direction and the other direction as well, but in substance… I think protectionism is not the danger in Europe.feedback

Marc Chandler - Brown Brothers Harriman

The key issue is about trade and protectionism. I don't think anything changes. I'd say G-7 heads of state has nice photos, but substance, not so much. The meetings are important. Trump is still an unknown quantity for Europe.feedback

Ramon Lopez

We are at the stage where it has become important for all of us to show political willingness to move RCEP discussions forward, especially in light of the trend in some parts of the world where the threat of protectionism is really considerable.feedback

Chetan Sehgal

Now intra-emerging markets are more important than just the U.S. The trade within emerging markets has picked up much more than the trade with the U.S. Like 15 years back, the emerging markets used to have 15-20 percent of the world's patent applications but now it's nearly 45 percent. The next leg of growth is going to be fought based on intellectual capacity on patents and how you move up the technology curve. And I think emerging market companies are able to do that and therefore protectionism, which was important for trade earlier, is now no longer so much of a factor.feedback

Wang Shouwen

I think confidence we have shown in this meeting for the multilateral trading system for regional economic co-operation within Apec [the Asia-Pacific Economic Co-operation forum] can be a very good and strong signal that we are united and we are steadfast in fighting trade protectionism and reducing trade risks.feedback

Alan Bollard

There is this rising tide of protectionism, and particularly new U.S. administration policies, and that makes it more complex because we are here for all the 21 [APEC] economies.feedback

Will Horton - CAPA Centre for Aviation

The China unit will be complex because there is local government support implied but competitors will lobby for protectionism at other levels.feedback

Xi Jinping

We need to improve policy coordination and reject beggar-thy-neighbour practices. This is an important lesson that can be drawn from the global financial crisis and is still very relevant to the development of the world economy today. We need to seek win-win results through greater openness and cooperation, avoid fragmentation, refrain from setting inhibitive thresholds for cooperation or pursuing exclusive arrangements and reject protectionism. In a world of growing inter-dependency and challenges, no country can tackle the challenges, also the world's problems, on its own.feedback

Joe Maddon

I thought of other ways for protectionism. I think there should be a cage in the on-deck circle so on-deck guys can stand behind the screen and not get hurt.feedback

Joe Maddon

Even when I coached third base in the minor leagues, I always wore a cup. I was always concerned. So I think there needs to be a cup check as players run onto the field now in order to prevent the potential for the loss of future families. I think we should now consider eliminating the head-first slide to protect base runners, because that is really a dangerous slide. It is. To head-first slide, you can hurt your hand. Your eye can be poked out. All kinds of different things could occur on a head-first slide. I'm all about protectionism. I'm starting to think like everybody else.feedback

Joe Maddon

In general, we have a tendency to micromanage stuff that we have no business attempting to do. Don't give me all this protectionism, injury stuff because I'm not buying into it. ... It's wrong. It's tough for the umpires. They know it's not part of the game. ... I'd like to see that rule ejected. I'd like to see the rule at the plate ejected. They have no place in our game.feedback

Xi Jinping

Pursuing protectionism is just like locking oneself in a dark room.feedback

Partha Iyengar

The number that Infosys talks about (hiring) in a short period does seem like an acceleration and even Cognizant, kind of, talks about those numbers. But in the grand scheme of things, I think, those are more PR-centric, protectionism-centric actions or announcements, and I don't think they fundamentally change the situation on the ground. It's a known that there is no way they (Indian IT firms) can mimic or reproduce the kind of hiring they can do in India in the US.feedback

William Dudley - Federal Reserve Bank of New York

Protectionism can have a siren-like appeal. Viewed narrowly, it may be potentially rewarding to particular segments of the economy in the short term. Viewed more broadly, it would almost certainly be destructive to the economy overall in the long term. There are many approaches to dealing with the costs of globalization, but protectionism is a dead end. Trying to achieve a high standard of living by following a policy of economic isolationism will fail.feedback

Takehiko Nakao - Asian Development Bank

I think it is the responsibility of the World Trade Organization. We have global bodies, (so) it will be ensured that there should be no protectionism.feedback

Paul Ferley - Royal Bank of Canada

It's not getting any indication of pressure on the inflation front and they are still concerned about potential trade protectionism emerging in the U.S., so I think they will stay cautious.feedback

Veerathai Santiprabhob - Bank of Thailand

I wouldn't think that Thailand would be the key target of any protectionism policies that could come out. U.S. manufacturing companies [are] using Thailand as a base to be able to provide intermediate goods into the supply chain in the U.S. to make U.S. exports more competitive globally. We have diversified our exports markets markedly during the past decade. We might be in a better position than some other countries, some other emerging markets that have depended more on the U.S. economy.feedback

Ramon Lopez

They know any move in that direction of protectionism can only backfire on their economies.feedback

Jeffrey Immelt

Because of these factors, we are not going back to a pure free trade world. But is protectionism the answer? I guarantee you ... we have the most to lose through protectionism. We will not grow if we don't trade with people. All of our global competitors have some form of a border adjustment. Isn't it worth a debate?feedback

Stephen S. Poloz - Bank of Canada

You have the ingredients for higher housing prices, but no fundamental can give you the basis for a 30 percent increase in price in a year. We're pretty sure that this is not sustainable, it's certainly not sustainable by any of the models we've got. We know that with protectionism, everybody loses eventually, including the country that puts the policies in place. And the uncertainty around this threat of increased protectionism is holding back growth.feedback

Takehiko Nakao - Asian Development Bank

We can complement each other. The financing needs are so large so we don't need to regard the AIIB as a kind of a rival in that regard. We can cooperate. We can cooperate with the AIIB. We are supporting China still. Of course free trade is important, but it's too early to say that protectionism is harming Asia.feedback

Angela Merkel

We do not want isolation. We want open trade and to fight against protectionism. This will be a tough issue within the G20 negotiations, but when working on a political document, it would of course be a great support for us if the economies in all G20 countries supported it.feedback

Angela Merkel

The existence of the G20 means that isolation and protectionism are dead-ends and not ways forward.feedback

Steve Rustja

This is really punitive. It will make trading across the border really difficult. I think it will escalate, and we are expecting more taxes when the International Trade Commission adjudicates on an anti-dumping case. But this does reflect the increasing protectionism in the White House.feedback

Marine Le Pen

This means converting the single currency into a common euro, a currency that will not affect daily purchases, but only large companies that trade internationally. To support French companies in the face of unfair international competition through the implementation of intelligent protectionism and the restoration of a national currency adapted to our economy, the vehicle of our competitiveness. Monetary and budgetary sovereignty, because there is no free-state without a currency, and then economic sovereignty, to be able to implement economic patriotism.feedback

Martin Richenhagen - Agco

All kind of protectionism finally has to be paid for. And I think consumers should know that.feedback

Carsten Brzeski - ING-DiBa

Everyone talks about Trump, he also talked a lot, but in the end if you really look at what he delivered, it's very little. So we had two weeks of actions with two weeks full of presidential orders, but in the end his big projects like more protectionism, like tax reforms, like a big investment programme, all these economic reforms have never happened.feedback

Paddy Rodgers

When something really important is brought in, like the potential for tariffs on imports of oil, we know people in the refining business who say, when we hear that, it's an alarm bell for us, we want to phone up people in government who are drafting the legislation and have a hand in lobbying to get it written in a way that won't damage our industry,' and they say, there's nobody in the office. This was just a tweet.feedback

Esben Poulsson

We are, of course, a bit concerned about some of the noises regarding free trade because free trade for shipping is just crucial and fundamental. Fortunately, as we have seen on many areas, what President Trump said during the campaign and what has happened since he entered the White House are not exactly the same thing.feedback

Mario Draghi - European Central Bank

We actually don't do monetary policy based on likely election outcomes. Perhaps the risk of trade protectionism may have somewhat receded. Certainly markets are in the course – not us but markets – are in the course of a reassessment of the US fiscal policy. And I frankly wouldn't feel like going beyond that.feedback

Jorge Quijano

We see a lot of hesitation with regard to how the markets are going to be, especially because of the impact that over-protectionism by the U.S. could have on the flows of cargo.feedback

Paddy Rodgers

If you hear the rhetoric of the Trump or the Brexit debate, it is completely contrary to the way we see growth and trade. They always talk about it as a zero-sum game as if everybody who was a winner was a winner at somebody else's expense. We see it as something mutually beneficial, but that's not the language that's being used by politicians. The government of the USA is not being staffed up fast enough to introduce the legislation regime necessary to have this trade war.feedback

Jude Wanniski

We would bring people back and we would create jobs without tariffs and without protectionism. It's a slam dunk. It's a no-brainer.feedback

Makan Delrahim - Justice Department

I came to realize that my values identified with the conservative viewpoints of personal responsibility, hard work, respect for individual rights and appreciation of a limited role of government. Just like any other industry, if there is wrongdoing, we would investigate. I'm seeing more complaints about enforcement motivated by protectionism, so that will be an important area of inquiry for antitrust enforcement and cooperation.feedback

Jean-Claude Trichet - European Central Bank

I would say all taken into account, this is an earthquake in French politics. We don't know yet how the political forces will re-establish the appropriate equilibrium, in particular, the two governmental parties. It seems to me that the success of the new government, the new president, will rely upon eliminating this youth unemployment, which is an abominable disgrace. If it is not done then we will see the populism, protectionism, you name it, continuing to grow.feedback

Daniel Hynes

It's all enveloped in this strategy to improve the financial condition of the industry which has been weighed down by excess capacity for some time, partly as a result of inefficient operations.feedback

Kosei Shindo - Nippon Steel & Sumitomo Metal

We are greatly concerned over Trump's protectionism, although we hear he has softened his tone on some issues with a grasp of reality. We will need to closely watch his actual policies and negotiations.feedback

Christine Lagarde - International Monetary Fund

How do you see free trade being fair and what improvements can there be to that free and fair trade?feedback

Steven Mnuchin

I think in many areas there has been too much regulation that has really hurt our business. The President believes in reciprocal trade deals, and reciprocal free trade. What's not free and fair is if our market is open but other people either have high tariffs or have high import barriers and non-tariff barriers and that creates one-sided issues. The tax code is just way, way too complicated, and we want to create a system where the average American does their taxes on a [big] postcard not a major book.feedback

Steven Mnuchin

Part of my job is ensuring that we have proper regulation, but ensuring that we don't have conflicting regulation. I think after the financial crisis there was need for new regulation, but we've just gone too far in the other extreme.feedback

Agustin Carstens

What we try to do in these meetings is to strike a positive constructive balance. The use of the word protectionism is very ambiguous. What we try to do is to basically focus on what we can achieve and what our final goal is. The final goal is to take advantage of trade ... Everyone is aligned that we need free and fair trade.feedback

Zhou Xiaochuan

It is especially important to enhance the multilateral system of open and free trade and investment, jointly resist protectionism, and accelerate the liberalization of global trade and investment. Rising anti-globalization and protectionism sentiment against international trade and investment pose challenges to global growth.feedback

Will Byun - NH Investment & Securities

Rising trade protectionism is negative to the steel industry overall, but the industry has been recovering, helping cushion the negative impact.feedback

David Mulford

The U.S. position over all these years we've been talking about has been to promote and assist the rise of other nations. It is an extraordinary historic performance by a strong country. In doing so, we have created all kinds of rivals and this has caused hitches and glitches and problems in the system, which now have to be addressed and it's appropriate that we address them.feedback

Tommy Koh

I worry about the rise of protectionism and economic nationalism in the U.S. and in Europe. I see this as a direct threat to the prosperity and prospects of Asia. Asia has been able to make enormous progress because of the liberal economic order that the U.S., U.K. and other countries created at the end of the Second World War. And this liberal world order seems to be in jeopardy.feedback

Tommy Koh

You've been there before and I'm surprised that memories are so short in America and Americans are flirting with protectionism a second time.feedback

Tommy Koh

It is not fair for you to say there is protectionism everywhere, including Asia, so what's the big deal about the U.S. turning protectionist. The trend in Asia is in the other direction. We are opening up the economies, liberalizing, integrating with one another. The trend in America and Europe is a worry, because you are going in the other way. There is a significant difference between the dominant trend in Asia – which is towards opening up the economy, liberalizing, integrating – and the trend in the West.feedback

David Mulford

There is no shortage of protectionism in Asia. Let's be frank about that. It is a major part of the Asian economic approach.feedback

David Mulford

Are there benefits to be derived by bilateral trade agreements versus ambitious global trade agreements. I think smaller countries that are competitive, aggressive confident could do very well in bilateral trade negotiations and don't always have to be involved in a large package that makes it harder to negotiate a variety of different things rather than a one-on-one situation.feedback

Wayne Forrest

Donald Trump presents the danger of U.S. protectionism being misinterpreted to an economy here. A lot of questions I've had with government officials here are about Indonesia being on the list of countries being watched.feedback

Jan Hatzius

While the growth-positive aspects of the Trump agenda have hit rougher air, the growth-negative aspects also look less concerning. In particular, the specter of protectionism – a major source of concern during the transition especially for trade with China and Mexico – has clearly receded in recent months.feedback

Carolyn Wilkins - Bank of Canada

Trade is a great driver of productivity, and so the risk of growing protectionism concerns me. Disrupting supply chains and reducing incentives to compete will not create more jobs and incomes in the long run. It's really, from our read, the combination of those costs and uncertainties outside of financing that are holding some businesses back right now and clearly the uncertainty that surrounds the trade policies of the new administration in the U.S. haven't made that any easier. Worsening income inequality can lead to weaker macroeconomic outcomes and financial instability.feedback

Maurice Obstfeld - International Monetary Fund

This improvement comes primarily from good economic news for Europe and Asia as well as our continuing expectation for higher growth this year in the US.feedback

Maurice Obstfeld - International Monetary Fund

One salient threat is trade protectionism, leading to trade warfare. Growth has remained reliant on domestic credit growth so rapid that it may cause financial stability problems down the road. These problems could, in turn, spill over to other countries.feedback

Maurice Obstfeld - International Monetary Fund

The economic upswing that we have expected for some time seems to be materialising. One salient threat is a turn toward protectionism, leading to trade warfare.feedback

Maurice Obstfeld - International Monetary Fund

One salient threat is a turn toward protectionism, leading to trade warfare. Mainly in advanced economies, several factors – lower growth since the 2010–11 recovery from the global financial crisis, even slower growth of median incomes, and structural labour-market disruptions – have generated political support for zero-sum policy approaches that could undermine international trading relationships, along with multi-lateral cooperation more generally.feedback

Stephen S. Poloz - Bank of Canada

The threat of U.S. protectionism, that's something that is very, very significant for Canada and ... it's very difficult to analyze it in advance because it could take so many different forms. It certainly will be negative and it could even be a major shock.feedback

Carolyn Wilkins - Bank of Canada

It would not be good news for the United States or for us ... there will be an impact on demand but also an impact on supply and on Canada's growth potential that would be fairly significant. You can expect supply chains that will be much less productive, so there could be a shock to our productivity rate, which is already not very high. They might find other markets, they might find other value chains elsewhere in the world that don't involve the United States. I can tell you there are base cases that could be very negative for Canada.feedback

Manik Narain - UBS

China has been the leader of the emerging market trade rebound. The health of the Chinese economy is definitely taking on added importance for emerging markets more broadly because we have not seen a pick-up in imports from U.S. and Europe. For some of these markets it may reduce some concerns about trade protectionism.feedback

David Rachline

I remember during the local elections, they told me that there was the glass ceiling and that I would not be able to win, but we won. And for the regional elections, they said we could not go over 20-22 percent in the first round because of the glass ceiling but we scored 30 percent in the first round and in some regions, we scored 45 percent in the second round. So that is the proof that there is no glass ceiling. We want to free ourselves from the EU to implement very specific measures like the smart protectionism. The EU today forbids it.feedback

Christine Lagarde - International Monetary Fund

After six years of disappointing growth, the world economy is gaining momentum as a cyclical recovery holds out the promise of more jobs, higher incomes and greater prosperity going forward. I'm here referring to various elections that are coming up; I'm referring to Brexit and the terms under which it will be negotiated, the sword of protectionism which is hanging over global trade and tighter global financial conditions that could trigger disruptive capital outflows from emerging to developing economies, a phenomenon that we have not seen yet.feedback

Mark Carney - Bank of England

A decade of hard fought financial reform creates enormous opportunities. It is all too easy to give into protectionism, but the road less taken is often the most rewarding. One path builds on the foundations of a new responsible global financial system that are being put in place … The high road leads to more jobs, higher sustainable growth, and better risk management across the G20. But there is another path – the low road – where trust and cooperation diminish, fragmentation hardens, capital flows are disrupted, and trade and innovation are curtailed.feedback

Mark Carney - Bank of England

It is all too easy to give in to protectionism, but the road less taken is often the most rewarding. All the conditions are in place for following the high road of mutual recognition and co-operation both with Europe and across the G20.feedback

Marine Le Pen

Without a clever protectionism, we are going to watch jobs being destroyed one after another. You do not present yourself as new when you are using 50-year-old ideas.feedback

Antonio Ortiz-Mena - Albright Stonebridge Group

It could lead to tit-for-tat protectionism. That particular issue would keep me up at night.feedback

Samuel R. Allen - Deere & Company

I think, without a doubt, any form of protectionism or nationalism, on the whole, is not beneficial for a company like ours, any global company. We will adjust. We will have to adjust, but it takes time for a manufacturer to adjust. It's much more efficient if we can have open free trade, understandably fair trade, but free trade. If, as a result of the adjustment tax, it has an unintended consequence of causing countries like China and Mexico to buy their ag commodities from other countries, that would be negative for U.S. farmers that do a lot of exporting to China, Canada and Mexico.feedback

Francois Hollande

In this geopolitical environment of isolation, nationalism and protectionism, we have to lead by example and make our bilateral partnership not only strong and dynamic, but to show the way for opening confidence in international trade.feedback

Stephen Groff - Asian Development Bank

What we have to do is take a step back and realize that these things happen in cycles. We have seen protectionism emerge over the course of history and we've seen it sink. Right now, we're watching and we're monitoring, but we're not hyperventilating. The budget that's been put forward is a skinny budget. There's not a lot of details right now. This will go through a process in Congress, (which) has already said that they don't want to see massive cuts in diplomacy or foreign aid.feedback

Nicolás Dujovne

We've been there. Protectionism and nationalism will not make your economy richer and will not accelerate growth. It will increase stagnation and poverty. We are in favour of globalisation. We see trade as a source of opportunity and not as a threat. The issue of the sovereignty of the Malvinas is a national cause with 100% consensus, but I do not think the Argentinian population is against having close ties with the UK.feedback

Randy Frederick

With tax reform and infrastructure spending getting pushed to the end of this year or even next year, it will eventually weigh on sentiment and business confidence. Eventually, the market will lose patience.feedback

Stephen Roach

It's pretty disappointing when you get finance ministers from leading countries in the world who, out of the blue, are unable to validate the commitment to anti-protectionism which is the underpinning globalization. That's an obvious reflection of the shifts in the political winds in the United States and indicative of a U.S. economy that is backing away from multilateralism. It was a disturbing meeting. I don't agree with anything Peter Navarro has said or written in his entire career.feedback

Hussein Sayed

Given the slow progress in implementing tax cuts and infrastructure spending plans, markets will soon realize that they are ahead of themselves. I'm still quite confident that U.S. protectionist policies will do more harm than good.feedback

Ipek Ozkardeskaya

European equity markets have started the week with a heavy risk-off sentiment after the G20 communiqué explicitly reflected U.S. intentions to establish trade protectionist measures. As the world's number one economy is preparing to set significant barriers against the world, investors are increasingly worried.feedback

Kenneth Broux

This G20 is not really a big deal for the market, partly because the language on FX was maintained. The disagreement on trade and protectionism is new, but the meeting at a later date between U.S. President Donald Trump and Chinese premier Li could be more pertinent to where trade negotiations are headed.feedback

Long Guoqiang

After the global financial crisis, we found that many countries had adopted some kind of trade protection measure, and China, as the biggest trading country, saw most of the protectionism against China. So we don't like protectionism. Traditionally, such kind of (protectionist) voices are popular in countries with weak competitiveness. But you know, because of the internet, the communication has changed a lot. If you compared China with other countries, I think we are very ambitious to further promote trade and investments liberalization.feedback

Zhang Gaoli

China is willing to work with other countries to oppose various forms of trade and investment protectionism. We should unwaveringly push forward economic globalization. We cannot halt our steps because of temporary difficulties. The world economy is in a deep adjustment, growth is weak and trade protectionism is rising. China will push for a higher-level economic opening-up.feedback

Tim Condon

Multilateralism is out. The U.S. administration will pursue its America First agenda through bilateral negotiations with countries running large trade surpluses with the U.S. Germany is one and in his meeting with German Chancellor Merkel, President Trump complained that the U.S. had been treated 'very, very unfairly' by its trading partners.feedback

Gabriel Felbermayr

The weak wording on trade is a defeat for the German G20 presidency. This is particularly true in the light of the fact that Germany is one of the world's strongest export nations and relies on open markets to maintain its prosperity like hardly any other country. The lack of a rejection of protectionism is a clear breach of tradition. Now everything is possible.feedback

Wolfgang Schäuble

We were all convinced that world trade leads to global growth. It is not that we were not united. It was totally undisputed that we are against protectionism. But it is not very clear what (protectionism) means to each (minister).feedback

Wolfgang Schäuble

Maybe one or the other important member state needs to get a sense of how international co-operation works. It's completely clear we are not for protectionism. But it wasn't clear what one or another meant by that.feedback

Wolfgang Schäuble

It's not true we are not agreed. It's completely clear we are not for protectionism. But it wasn't clear what one or another meant by that. At some meetings you cannot reach all that you want to achieve. But that is something we can live with.feedback

Lesetja Kganyago

When the Fed starting raising rates I think we expected that there would be a reversal of flow, there would be a realignment of exchange rates, but now that the Fed is communicating so well the question is always going to be how much of the changes have been priced in. Protectionism is not good for anyone. When protectionism takes place and it comes from the largest economy in the world, you may have other countries responding, and then you have got a rise in protectionism.feedback

Sigmar Gabriel

If U.S. protectionism should lead to new chances opening up for Europe in the whole of Asia, we should seize the opportunity.feedback

Wolfgang Schäuble

I don't know the exact wording but nobody has raised the issue of protectionism yet and I don't believe that we have to deal with this a lot. It's about finding the right wording, it's about how we phrase the openness of the world trade system in the final communique.feedback

Wolfgang Schäuble

There are differing views on this subject. That's my expectation. I'll tell him the arguments that from my point of view speak against changing the tax system of the whole world. I hope that we'll achieve sensible results. I'm not that pessimistic.feedback

Haruhiko Kuroda - Bank of Japan

Not only the G20 but the IMF and OECD have said protectionism damages global trade and global economic growth, and that it is necessary to maintain free trade and investment. Japan's stance on this will not change. The momentum for inflation to accelerate to 2 per cent remains in place but lacks strength. The BOJ will continue to promote powerful monetary easing ... to achieve its price target at the earliest date possible.feedback

Wolfgang Schäuble

There are differing views on this subject. It's possible that we explicitly exclude the topic of trade in Baden-Baden and say that can only be resolved at the summit of the state and government leaders. This is not the ideal solution, but it would not be such a big deal. That's my expectation. I'll tell him the arguments that from my point of view speak against changing the tax system of the whole world. I hope that we'll achieve sensible results. I'm not that pessimistic.feedback

Xi Jinping

Any attempt to cut off the flow of capital, technologies, products, industries and people between economies, and channel the waters in the ocean back into isolated lakes and creeks is simply not possible... Pursuing protectionism is like locking oneself in a dark room. While wind and rain may be kept outside, that dark room will also block light and air.feedback

Joseph Muscat

There is a wide consensus on the need to protect our companies, to protect our workers, but that should not translate itself into protectionism.feedback

Jennifer Rubin

Conscientious conservatives (there are some, still), libertarians and business interests have struggled to make the intellectual and macro-economic arguments in favor of free trade. Now, perhaps, the time has come to get into the weeds, see which Americans would be hurt by trade protectionism and hold the White House and members of Congress responsible for the harm their protectionist policies would cause.feedback

William Jackson - Capital Economics

Also, the economic data are improving and perhaps the concerns of a sharp lurch towards protectionism in the U.S. have eased off a bit. Markets may be a bit more confident that if the lira comes under further pressure with the Fed tightening, then the central bank will respond in time.feedback

Michael Clauss

What I can see here from Beijing is the Chinese side believes there will be more trade frictions, maybe even a trade war, which would be a problem for China, but would definitely not bring down its economy. I don't think it will be a major problem for German companies here in China since those that produce here in China, produce and manufacture almost exclusively for the Chinese market and not for exports abroad.feedback

Michael Clauss

It doesn't matter which trading partner you talk to – be it the Japanese or the U.S. or neighboring countries or European countries. They all feel the same, that there's a growing protectionism here. The service sector is basically off limits. Many companies that would like to produce here in China and build a factory and start producing are forced into going in a joint venture. It's also frequently they're asked to transfer technology, which is against the rules of the WTO. And the tendency seems to be growing. That's the complaint we get from German businesspeople.feedback

Li Keqiang

Stability is of overriding importance. We should ensure stable growth, maintain employment, and prevent risks. World economic growth remains sluggish, and both the de-globalisation trend and protectionism are growing. There are many uncertainties about the direction of the major economies' policies and their spill-over effects, and the factors that could cause instability and uncertainty are visibly increasing.feedback

Emmanuel Macron

Mr Trump would be making a grave mistake by going back on his predecessor's commitments towards the climate. I will forge a very strategic alliance with our Chinese partner on this subject. I think Mr Trump is wrong to advocate protectionism for his own economy. The United States is one of the most open economies in the world. I don't want to go down that path, but we would respond if the wrong choices were made.feedback

Maarten-Jan Bakkum - Nn

If our worst fears are confirmed (on protectionism) you can expect quite a correction in emerging markets. Since the (Trump) inauguration, markets have priced out some of the protectionism risks...people are impatient to play the emerging markets theme as (economic) data has been so good.feedback

George Osborne

Let's make sure that we go on doing trade with our biggest export market, otherwise withdrawing from the single market will be the biggest act of protectionism in British history.feedback

Marc Chandler - Brown Brothers Harriman

There are a lot of things people are watching for. ... If he talks about protectionism and how he might have a reciprocal tax, it could go the other way [higher]. Initially the dollar moves higher on protectionism. It partly means stronger growth.feedback

Michael Sabia

If there is more protectionism in the United States you will probably see more Canadian companies trying to acquire U.S. -based platforms.feedback

Wolfgang Schäuble

In a globalised world, globalised economic protectionism is not successful. We will fight against any protectionism.feedback

Alexander Van der Bellen

My election as the President of the Republic of Austria in December 2016 was a clear rejection of the burgeoning nationalism, protectionism, the seductive, simplistic populism.feedback

Daiju Aoki - UBS

One problem with protectionism is companies could hesitate because they will not know when and where to invest. This could lead to a delay in investment.feedback

Boris Schlossberg

None of those policy initiatives have been enacted; it's been much more toward protectionism and toward anti-terrorism. And the market, I think, is losing patience, and that is why you're seeing the whole Trump portfolio basket trade move off. Now, if he reasserts his economic policy and if he comes back to those ideas quickly, those trades are going to come right back. But if he again wallows in much more political issues as we go forward, I think you're going to see much more of a correction than you currently have seen.feedback

Beat Wittmann

One is that to create sustainable and quality growth in the U.S., you need bipartisan supported policies. That I don't see really and that is a challenge. My second worry is protectionism. Picking fights with Mexico, Germany and China all at the same time but I think Trump there will be pretty pragmatic.feedback

Jason Daw

Risk premia should remain elevated as the market grapples with U.S. policies, with Asia in particular risk from protectionism. Beijing's ultimate goal is to let the (yuan) reach a market clearing price sooner rather than later, albeit without a major one-off devaluation during the process. This is already challenging enough and now the potential policy mix from the Trump administration has further complicated the task.feedback

Tai Hui - J.P. Morgan Asset Management

President Trump can tweet all he wants but many of his policies are fundamentally supportive of the U.S. dollar. If you think about protectionism, if you think about immigration policy, if you think about his pro-growth fiscal policy, all of these are supposed to raise inflation and therefore raise interest rates and supposedly raise the dollar.feedback

Seth A. Klarman

Exuberant investors have focused on the potential benefits of stimulative tax cuts, while mostly ignoring the risks from America-first protectionism and the erection of new trade barriers.feedback

Keith Parker

As investors await the details for the proposed tax plan, President Trump has made it clear that protectionism is a key tenet of his administration. Overall, we see BAT as a low probability but potentially very high impact event, though politics are fluid and plan details/possibilities will shift.feedback

Larry Summers

Hyper protectionism will make us poorer. I think the limbo we're in, in respect to corporate taxes that leave trillions of dollars abroad, is untenable and does real economic damage. So I'm a strong supporter of corporate tax reform. But it should be done right. It shouldn't be something that undermines the competitiveness of many businesses.feedback

Larry Summers

Hyper protectionism will make us poorer. Consumers will pay more for their goods, which means they'll have less spending power to spend on American goods, and that'll definitely have consequences for the economy ... Other nations will retaliate, and that'll have consequences for the health of our companies. The consequences of protection are that we will be poorer and the world will be less safe.feedback

Ken Jacobs

Sentiment is the key thing for M&A. I think (protectionism will) create a pause on M&A activity in some parts of the world, but so far we haven't seen a real change in activity.feedback

Josef Jelinek

It is unlikely that Mexico would be able to integrate itself into Asian supply-chains. Given the extent of Chinese protectionism and economic nationalism, Mexico would likely be seen as more of a competitor than as a complimentary partner by China. In addition, Mexico would be at a cost disadvantage with regards to transshipments, being cheaper and easier to ship within region.feedback

Stephen Massocca

Numbers have been very good. Corporate America has great profitability so the numbers are justifying this valuation. I'm not saying stocks are cheap. But they're not super-expensive. If we get true protectionism, we get tariffs, all that's bad news. That's not good economics. Some of the stuff they're doing is what every other country does – taxing imports but not taxing exports. That makes sense.feedback

Jeroen Dijsselbloem

Our cooperation with China … is very important. Economically, increasingly important, but also politically. Europe must not sit back and blindly wait for what happens in the United States, but move ahead itself, also in the area of trade.feedback

Liz Ann Sonders - The Charles Schwab

Protectionism doesn't tend to result in a win-win situation. It ends up being a lose-lose situation, especially if we head down the path toward trade wars.feedback

Marc Chandler - Brown Brothers Harriman

I don't think people are going to change their forecasts based on a dozen comments ... The market is trying to wrestle with these new developments, but ultimately policy is what dictates the currency prices. We have to wait and see. If there is deregulation, tax cuts and infrastructure spending, as well as some protectionism, like a border tax, I don't like it but I could see how it could be good in the short run for the U.S. economy.feedback

Kevin Giddis - Raymond James & Associates

The president is very hard to handicap, and I don't really know how much he can get done when Congress must be dealt with to make the kind of sweeping changes he proposes. While the trend for interest rates is up, I wouldn't be surprised if something happens or doesn't happen that could turn the cart on its head.feedback

Art Hogan

Investors can get behind pro-growth policies and can't and won't support protectionist policies. Trade wars, like all wars, end negatively for all.feedback

Robert Brusca

We have not had the benefits of free trade, and we have less to lose from this Trump gambit than most people think. I suspect Trump wants leverage more than tariffs.feedback

Jim Paulsen - Wells Fargo Asset Management

I believe a potential wild card for 2017 is not only how many times will the Fed raise the target funds rate but the possibility that they may opt for a 50 basis point single move.feedback

Todd Gordon

Markets are taking this as a sign that this protectionism is quite real; markets are selling off.feedback

Peter Boockvar - The Lindsey Group

If this becomes embedded, this has economic implications. Will technology companies get the best people? Will overseas countries respond in kind? Will it affect business? It's all part of the same U.S.-centric protectionism. I get the security issues, but it is still part of the mentality: 'Everyone is stealing our business. Every one is out to kill us, and we're going to close our borders.feedback

Mark Faber

As we go into 2017, the consensus is that inflation will go up … And you want to be overweight U.S. stocks … but protectionism, I guarantee you, is not going to be good for the U.S.feedback

Haruhiko Kuroda - Bank of Japan

It would be very problematic if protectionism spreads, but I don't think that will happen.feedback

Charlie Weaver

We supported TPP strongly and wish [the president] would have embraced it. Protectionism isn't good for U.S. workers, consumers or the economy. That's the fear of changing NAFTA and walking away from TPP.feedback

Naeem Aslam - AvaTrade

The meeting is very important for both individuals because they are labeled as anti-free trade and driving the engine of populism and protectionism. So far, [Trump] has shown that he is good in cutting ties with other governments and firms if they do not work according to his plan. He needs to assure the world that cutting ties has the benefit of making good deals.feedback

Xi Jinping

It is true that economic globalization has created new problems, but this is no justification to write economic globalization off completely. Rather, we should adapt to and guide economic globalization, cushion its negative impact, and deliver its benefits to all countries and all nations. Pursuing protectionism is like locking oneself in a dark room. While wind and rain may be kept outside, that dark room will also block light and air. No one will emerge as a winner in a trade war.feedback

Yuji Hirako - All Nippon Airways

We will need to keep watch on what impact the new administration will have on the flow of people and goods. If there is a serious policy shift to protectionism that will hurt the global economy, including us.feedback

Li Keqiang

This is a testing time. China offers an anchor of stability and growth with its consistent message of support for reform, openness, and free trade. We remain convinced that economic openness serves everyone better, at home and abroad. It's far preferable for countries to trade goods and services and bond through investment partnerships than to trade barbs and build barriers. Pursuing protectionism is like locking oneself in a dark room. While wind and rain may be kept outside, that dark room will also block light and air. No one will emerge as a winner in a trade war.feedback

Jane Foley - Rabobank International

We have seen the market coming back on the yen a bit which is of course a safe haven play and if Trump's protectionism goes forth, there will be more concern about China, and that is supportive for the yen on the safe haven flow.feedback

Koen Straetmans

Increased geopolitical risk or an increase in protectionism could just as easily lead to commodity supply disruption, sending prices higher in the near term despite negatively impacting commodity demand, too. Over longer periods, correlation between broad commodity prices and policy uncertainty is low to slightly negative. Exceptions include precious metals with a more pronounced positive correlation, and a strong negative correlation with the energy segment.feedback

Jane Foley - Rabobank International

What we've seen this year is more of a focus on the isolationist, protectionist policies of Trump. The market had chosen to ignore those last year, but now focus has swung back ... Protectionism is usually detrimental to growth.feedback

Junya Tanase - JPMorgan Chase Bank

Amid concerns over Trump's protectionism, the correlation between U.S. Treasury yields and the dollar has gotten weaker. It's similar to the U.S.-Japan trade conflicts in 1990s. Back then, the dollar was weak despite the high U.S. interest rates. The dollar would remain weak if Trump pushes his protectionist rhetoric.feedback

Masashi Murata - Brown Brothers Harriman

It is highly doubtful whether Trump would go ahead with a large-scale immigration ban to an extent that would affect the markets in a long term. Trump would keep his strong rhetoric from his candidate days to assure his followers, but he has not detailed the actual action plans. His policy won't be a straight-forward protectionism, considering his positive comments on the strong Mexican economy.feedback

Takeshi Minami

Global demand is firming up as emerging markets in Asia are catching up with a recovery in advanced economies. If the debate on protectionism leads to an unwelcome rise in the yen, that would dampen the momentum towards a pickup in Japan's exports though.feedback

Cecilia Malmström - European Trade

If anything, since November, we have seen many of our partners throw more energy and more resources at their negotiations with the EU.feedback

Sigmar Gabriel

He will run a protectionist and nationalist programme, and we cannot respond in the same way. We need to act by becoming more competitive, investing in our infrastructure, in digitalisation, in education, we simply need to get better. And we need to look for partners who want to achieve those things with us and I believe they exist. When someone shuts doors – and he is shutting doors – others open somewhere else, that I am sure of. Germany should act with self-confidence and not be fearful or servile.feedback

Sigmar Gabriel

Of course, if the US president starts a trade conflict – I don't want to call it 'trade war' – with the Association of Southeast Asian Nations and with China. Of course, we in Europe should tell the ASEAN states and also China and India: 'We have no interest in a trade conflict, we want to be fair partners' – and we have to ask China to reciprocate – but we should take advantage of the opportunities that open up.feedback

Alex Dryden - JPMorgan Chase & Co.

Donald Trump's rhetoric has signaled an emphasis on pro-growth and America-first during his presidency. Although policies such as increased infrastructure spending and tax cuts, should be simulative to the US economy, the trade policies currently being touted may be damaging for global growth, particularly for emerging economies. Investors are also concerned that the initial withdrawal and renegotiation of trade agreement leads to other countries implement retaliatory tariffs on U.S. goods, resulting in a trade war.feedback

Alex Dryden - JPMorgan Chase & Co.

In the ASEAN region, global trade is the lifeblood of these developing economies, with global exports amounting to 45% of GDP. Countries such as South Korea and Taiwan derive 38 percent and 55 percent of their GDP from exports, respectively, would be particularly hard hit.feedback

Mathieu Negre

If that's the case, there are 4 items that could be significant: the renegotiation of NAFTA, the introduction of a possible border tax, the straight imposition of tariffs and the labelling of China as a currency manipulator.feedback

Edward Yardeni

What we really need, though, is some more clarity about where this administration intends to take fiscal policy and trade policy, most importantly trade policy. If we can sort of overcome the fears of protectionism and find that what Trump really wants to do is get fair trade, which is still free trade, and isn't really intending to have protectionism, I think the market goes higher.feedback

Norihiro Fujito - Mitsubishi UFJ Morgan Stanley Securities

The Japanese market started on a weak note but clearly some investors are trading on fundamentals.feedback

Harumi Taguchi - IHS

The sustainability of external demand remains the key for the Japan's export recovery, because of emerging protectionism and uncertainties in the US trade policy, given President Donald Trump's repeated concerns about Japan's auto exports and trade surplus with the U.S.feedback

Vaninder Singh - Royal Bank of Scotland

Several headwinds to trade remain including trade protectionism and the likely slowing of Chin's property sector.feedback

Bill Northey

We saw dollar weakness in conjunction with those falling yields, and it led to a strengthening of the yen. Much of it was based on non-economic news. We saw the U.S., through executive action, withdraw from the TPP, which brings up some broader questions about the degree of trade protectionism that we might see out of the new administration. That certainly played into today's activity.feedback

Ian Scott - Manulife Asset Management

That creates a lot of anxiety for Canadian investors. I think there is a recalibration here as we get a sense of what this is going to mean for Canada going forward. The auto suppliers in Canada, they could be at considerable risk if free trade to the (United) States was to be at risk.feedback

Naeem Aslam - AvaTrade

Investors are nervous due to Trump's protectionism policies and their hope is that his tax cut policies could perhaps save the day for them.feedback

Terry Gou - Foxconn

The rise of protectionism is unavoidable. Secondly, the trend of politics serving the economy is clearly defined.feedback

Cecilia Malmström - European Trade

We have an important friend and ally who seems to be at least partly disengaging from the international scene promoting less trade, more protectionism. We need to stick together with like-minded partners to show that these trade deals are actually functioning, and what better partner can we have than Canada.feedback

Paul Ashworth - Capital Economics

It is possible that those two countries [Canada and Mexico] will offer concessions, not unlike Japan's pragmatic response to the U.S. protectionist push in the 1980s. But if not, protectionism could trigger a stronger dollar, retaliation from other countries and higher domestic inflation.feedback

Art Hogan

He didn't decide to go high. He decided to go populist and protectionist, and that's something we're going to have to get used to. When you put together populism and protectionism, it has a lot of economic fallout. That's how he got here.feedback

Haruhiko Kuroda - Bank of Japan

Most countries, including the G-7 and G-20 major economies ... are strongly committed to promoting global trade, and so can help prevent protectionism from spreading.feedback

Federico Sturzenegger

But I would say more than that in the case of Argentina, Argentina has a very low debt ratio so it is not a very significant issue but I think it's more the issue of protectionism.feedback

Kosei Shindo - Nippon Steel & Sumitomo Metal

We are worried about the risks of the Trump administration taking protectionism actions or policies.feedback

David M. Cote - Honeywell International

Do I really think we're gonna go back to protectionism? I don't really know yet and I can promise you I'm paying a lot of attention to it because trade matters to us. It's a little too early to press the panic button; we ought to see what ends up happening here.feedback

Joshua Crabb

If interest rates get very high, and things get overheated, then we come back to (a risk averse environment). But the bit in between, that's a very, very sweet spot for some of these assets that have been beaten up around the region.feedback

Vishnu Varathan - Mizuho Bank

Under the Goldilocks scenario, we ensure that costs don't rise so fast that it stifles demand. We'd find a more durable recovery in global demand... and that effect cascades down to other exporters. This is going to be quite positive for Asia, which is either home to major capital goods producers outside of Germany, or linked via the supply chain.feedback

Kit Juckes

Whatever happens, what Donald Trump is going to be doing is eking out a little bit more growth for longer in a geriatric economic cycle.feedback

Jean-Charles Sambor - BNP Paribas

If the U.S. goes ahead with some infrastructure spending and doesn't have a very negative agenda toward Mexico and China, you should see some emerging markets doing well because of higher commodity prices.feedback

Wang Jianlin - Dalian Wanda Group

That would be a step back, that would be about protectionism emerging in the U.S.feedback

Jan Lambregts - Rabobank

Maybe a home-grown U.S. wage acceleration is underway, with Trump's policies acting as a conduit to bring it all about. It's a nice thought, but we need more substance. Trump's fiscal plans are as of yet unclear in size, focus and therefore impact. Markets are currently priced for perfection when it comes to Trump's policies. That's a lot to ask for.feedback

Janet Henry - HSBC

Despite the U.S. reflation trade, we see little underlying inflation pressure in Europe. Meaningful fiscal expansion seems unlikely and structural reform has stalled or even reversed. QE is failing to lift inflation but the ECB may need to taper, if only to shift pressure back to governments.feedback

Michael Carey

Clearly, the geopolitical, political and economic risks facing the world are many and multifarious, and it is no easy matter to isolate those that seem most apparent to us. While 2017 does not look as if it will be the 'year of living dangerously', 2018 could well be more fraught.feedback

David Einhorn

While it's hard to know exactly where President-elect Donald Trump stands from day to day, his main economic policy objective appears to be employment. To that end, he has proposed corporate tax cuts, infrastructure investment and military buildup, combined with anti-immigration policies and trade protectionism.feedback

Xi Jingping

Pursuing protectionism is like locking yourself in a dark room, which would seem to escape the wind and rain, but also block out the sunshine and air. Waging a trade war will only cause injury and loss to both sides.feedback

Xi Jinping

Pursuing protectionism is just like locking oneself in a dark room. While wind and rain may be kept outside so are light and air. No one will emerge as a winner in a trade war.feedback

Xi Jinping

It is true that economic globalization has created new problems, but this is no justification to write off economic globalization altogether. We must remain committed to developing free trade and investment, promoting liberalization and facilitation through opening up, and saying no to protectionism.feedback

Sigmar Gabriel

Nationalism and protectionism are not the recipies for greatness.feedback

Wolfgang Schäuble

Whoever wants growth - and I trust this administration will be a growth-friendly one - must be in favour of open markets. Protectionism can afford short-term advantages but is almost always damaging in the long term.feedback

Carsten Brzeski - ING-DiBa

If we really take Mr. Trump's words for granted then we do see the end of free trade. This is the start for a trade war. It's the start for a period of protectionism. The hope is that in the end his policies will not be as harmful as they sound right now. But if you look at these policies of 'own country first', trying to isolate the country from foreign companies, trying to impose tariffs – this will lead to retaliations from other countries, namely that the EU then will also increase border tariffs. And this clearly is the end of free trade.feedback

Xi Jinping

We are confident that we will keep our economy stable and growing steadily. Protectionism, populism and de-globalization are on the rise. It's not good for closer economic cooperation globally.feedback

Henrique Meirelles

Brazil is now on a recovery path. Our expectation is that Brazil will be growing by the end of the first quarter.feedback

Henrique Meirelles

By 2018, the situation is going to be completely different.feedback

Henrique Meirelles

Protectionism, at the end of the day, is good for no-one.feedback

Masafumi Yamamoto - Mizuho Securities

The risk-averse sentiment stemming from 'hard Brexit' (worries) is pushing down the dollar/yen. But so far, I think the correction from the dollar/yen's high in December, and concerns about stronger protectionism under the new U.S. presidency, have been the dominant theme.feedback

Jin Liqun - Asian Infrastructure Investment Bank

Once people see the free trade and cross border investment, like what we do … I'm not very much worried actually.feedback

Jin Liqun - Asian Infrastructure Investment Bank

I think free trade and free cross border investment is important for all of the countries and we don't have to be too much worried about (Trump's protectionist views).feedback

Jin Liqun - Asian Infrastructure Investment Bank

We are open, we are inclusive, regardless of the membership of the United States, we are working with American professionals.feedback

Juergen Hardt

With respect to the German auto industry, one will have to explain to him that German companies are already producing in the United States and exporting to the whole world from there. That would be in jeopardy if Trump sets an international protectionist spiral into motion.feedback

Atsushi Miyanoya - Bank of Japan

Some companies hope that big tax cuts and infrastructure spending, if implemented, will stimulate U.S. growth. But others worry whether these will indeed happen .. and about his comments on trade protectionism.feedback

Athanasios Vamvakidis

The market had priced in a very positive scenario of Trump: fiscal policy without trade protectionism.feedback

Wen Bin

Trade protectionism is on the rise, but China is relying more on domestic demand.feedback

James Steel - HSBC

The whole protectionism issue is quite bullish for gold. The whole trade system is based on reciprocity. One side does something. The other side does the other ... the questioning of decades old military and political alliances raises risk.feedback

Li Baodong

There are open channels of communication. Trade protectionism will lead to self-isolationism and it is in the interests of no one.feedback

Jeremy Lawson - Standard Life

The biggest macro and market downside risks from a Trump presidency arguably derive from his trade agenda – such as his pledges to withdraw from the Trans-pacific Partnership, declare China a currency manipulator and lift tariffs. A new era of protectionism would be negative for the global economy.feedback

Jiang Jianguo

With the rise of populism, protectionism, and nativism, the world has come to a historic crossroad where one road leads to war, poverty, confrontation and domination while the other road leads to peace, development, cooperation and win-win solutions.feedback

Patrick Bennett

It is certainly susceptible to weakness if a hard line is taken. Heightened protectionism would be no good for anyone.feedback

Leo Gerard

We have a lot of suggestions for when there's a new trade team.feedback

Daniel Ikenson - Cato Institute

The three of them - those guys put together - can create a lot of mischief.feedback

Auggie Tantillo

He was not the first outside investor to come into the industry and buy a major asset. He was the first and to my knowledge only major outside investor who took on that same sort of attitude that the more home-grown CEOs had.feedback

Enrico Letta

I strongly believe protectionism is the wrong answer, we need to manage the social consequences of globalization but we have to continue with progress as well. The big problem of globalization today is how to manage the subsequent social and demographic transitions, it is a welfare problem. When European integration is weak, Italy suffers. Italy is a country that needs the euro and a strong commitment to completion of the EU.feedback

Marine Le Pen

Political will pays. The proof is what Donald Trump obtained .... Protectionism pays when it is led by determination and when a country can exercise its economic independence. It is good for re-industrialization and good for jobs.feedback

Justin Trudeau

There is no relationship in the entire world quite like the Canada-U.S. relationship. We've built an economic relationship that supports jobs in every congressional district. We're the largest international customer for goods and services made in the U.S.A.feedback

Florian Philippot

We can imagine an equivalent solution. We must imagine ... we have a duty.feedback

Chung Mong-koo - Hyundai Motor Group

With the global economy continuing its low growth, trade protectionism spreading and competition intensifying in the automobile industry, uncertainty is growing more than ever.feedback

Michael Every

I think it will be forced to target JGB yields at zero beyond the ten-year to try to control the curve. That will be necessary as the government will move towards larger and larger fiscal stimulus. In effect, it will be a slide towards helicopter money. The higher US rates go due to Trumpism, and the greater global protectionism we see, the faster this BoJ shift will prove necessary.feedback

Neil McGuigan

I suppose, it is exchange rate would be the biggest challenge, (as well as) free trade agreements that we need to work with.feedback

Dan Jago

There are challenges around things like taxation, which is quite a hard challenge for this market. (However), for us it's a really interesting time. We need to see. People will continue to want to trade wine around the world.feedback

George Osborne

You can't say we're a beacon of free trade in the world and then the main thing you achieve is a huge act of protectionism, the biggest in British history. We can't tow ourselves out into the middle of the Atlantic - we have to make this relationship work.feedback

Michael Clauss

[The draft rule] could bring large segments of foreign food imports to a grinding halt. The draft has clearly crossed the line between protecting the consumer towards outright protectionism of the domestic producer.feedback

Kevin Plank

We can't just keep chasing the lowest dollar labor all over the world, so I think you'll start seeing local for local. What that means is that people in America want to buy products from America. The people of Sao Paulo want to buy products from Brazil, so it's not just simply a made in the U.S.A. initiative.feedback

Michael Clauss

German companies here feel that there has been a considerable rise in protectionism. We are receiving more and more complaints, especially since the beginning of this year.feedback

Michael Clauss

EU companies have bought up to 14 companies in China so far this year, and that amounts to 5 percent of what has been bought up by Chinese companies only in Germany this year.feedback

Michael Clauss

Most of this investment is going into the high-tech sector. It seems there is a strategic connection to 'Made in China 2025', they're trying to close the technological gap through acquisitions. And we're fine with China catching up and becoming a competitor in high-tech industries; it's the fairness of the competition we're concerned about.feedback

Geng Shuang

When talking to them you get a sense that the overall mood has changed since last year, from being very optimistic to being more cautious.feedback

Michael Clauss

We sense a growing unwillingness to allow concerns about protectionism within China to be voiced in the media. This might have to do with problems in the economy.feedback

Geng Shuang

Foreign companies in China will continue to have great potential and space to develop. China's door is open and it won't be closed.feedback

Na Jung-hyuk - Hyundai Securities

It's positive global trade conditions have improved compared to the first half of the year. Whether this will be sustained is yet to be seen as we're facing a number of global factors that will spark uncertainty, like Donald Trump taking office in the U.S., which will aggravate concerns over protectionism.feedback

Pravin Rao - Infosys

The world over, there's a lot of protectionism coming in and push back on immigration. Unfortunately, people are confusing immigration with a high-skilled temporary workforce, because we are really a temporary workforce.feedback

Roberto Azevêdo

If you don't have the right diagnosis, you don't have the right medicine. If the medicine is simply protectionism, the outcome will be that you will harm the patient.feedback

Carlos Costa - Bank of Portugal

At this time we are going through great uncertainty, with protectionist tendencies, euro scepticism, Brexit, the Italian referendum and populism.feedback

Kazuhiro Takahashi - Daiwa Securities Group

As long as the dollar stands tall against the yen, Japanese stocks will likely be helped. But once Trump mentions protectionism on trade, investors who have been cautious against the recent rally are expected to take profits.feedback

Thilo Brodtmann

We hope that there will be some learning curve when answering the question of free trade and the necessity for trade. It will show quite quickly that any kind of protectionism will harm the macroeconomic data of the U.S. as well as elsewhere.feedback

Ian Lyngen

When we got the Trump victory we saw a sharp rally in Treasuries that was very short-lived and then this massive sell-off. The sell-off is a function of inflation expectations. It highlights the risks of a move toward protectionism; it highlights a lot of the traditional pro-business GOP platforms.feedback