Chinese President Xi Jingping has warned that American businesses could be hurt if the country loses its status as the global champion of free trade, in a not-so-subtle dig at Donald Trump’s protectionist leanings.
During an hour-long speech at the World Economic Form in Davos that quoted Charles Dickens and George Washington, Xi took several swipes at Trump, without mentioning the president-elect’s name.
“Pursuing protectionism is just like locking oneself in a dark room,” Xi said. “While wind and rain may be kept outside, so are light and air.”
No one will emerge as a winner in a trade war, he added, prompting an applause from the packed room of delegates.
CEOs have broadly embraced Trump’s election, based on his moves to lower corporate taxes and lighten regulation. Many, however, are concerned that a trade war with China and other big trading partners such as Mexico could push up wages and fan product-price inflation.
Berkshire Hathaway CEO Warren Buffett, Boeing CEO Dennis Muilenburg and Ford CEO Mark Fields are among leaders who have warned that higher import tariffs could derail the U.S. economic recovery.
Bank of America CEO Brian Moynihan this week lunched with Xi, who he said was very concerned that a retraction from trade would stymie global economic growth.
“That’s the fear out there,” said Moynihan, who is one of five co-chairs of the World Economic Forum. However, the banker also advised people not to assume that America’s trading relationship with China was in terminal decline.
“I think we’ve just got to let it play out for a while,” Moynihan said. “There’s always around a elections a lot of hand-wringing about what will happen next. When you get into it, everything takes more time. People have to think it through.”
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
0
1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
