- Write by:
-
Tuesday, October 30, 2018 - 4:49:17 PM
-
1062 Visit
-
Print
Mining News Pro - The world`s biggest miner BHP Billiton has trimmed its expectations of global growth for next year and 2020 due to a "lose-lose" result from the US-China trade conflict, a senior executive said on Tuesday.
According to Mining News Pro -BHP`s modelling suggested the trade row would cut both Chinese and US GDP growth by about a half to three quarters of a percentage point, COO Arnoud Balhuizen told the IMARC mining conference in Melbourne.
Which confirms that the trade protection will create a lose-lose outcome," he said.
BHP has "not yet seen any material impact on our business," he added.
China`s economy grew by a slower-than-expected 6.5 percent in the third quarter, its weakest pace since the global financial crisis, and analysts believe business conditions will get worse before they get better.
Meanwhile, the United States is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between presidents Donald Trump and Xi Jinping fail to ease the trade war, Bloomberg reported on Monday, citing unnamed sources.
"We have to be realistic that the current situation will not be solved easily," Balhuizen said.
However, despite rising trade tension hitting global growth, less trade between China and the United States would open the door to increased trade elsewhere.
"There`s a lot of other countries around the Sino-US trade protection scenario which are actively upping their trade," he said.
Short Link:
https://www.miningnews.ir/En/News/289533
Top copper producer Codelco reported a decline in quarterly output due to lower quality ore at its aging Chilean mines — ...
Brazil’s Corumba region could more than double iron ore shipments through neighboring Uruguay this year if there is ...
BHP Group Ltd.’s proposal for a $39 billion takeover of rival Anglo American Plc is all about securing plenty of copper ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Chile President Gabriel Boric said on Thursday he is targeting an increase in the country’s annual copper output by 1 ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Marex Group Plc and a group of the London-based firm’s shareholders raised about $292 million in a US initial public ...
Impala Platinum could cut 3,900 jobs as it restructures its South African operations due to lower metal prices, the ...
Australian Strategic Materials ASM.AX said on Friday it has received a non-binding letter of interest for a debt funding ...
No comments have been posted yet ...