'Hoarding on a national scale,' the new coronavirus trade wars
The new coronavirus COVID-19, threatens to trigger new trade wars as countries attempt to stockpile vital kit to tackle the pandemic, according to Rajneesh Narula, professor of international business regulation at the University of Reading.
Citing U.S. rules allowing the government to restrict export of certain goods, even those produced in foreign-owned factories, Narula warned that such measures were prompting a wave of protectionism.
"We are now going to have a new trade war of trying to control the supply of, what is deemed to be, essential goods," he told CGTN's Global Business Europe.
The biggest losers are likely to be developing countries which typically have fewer production facilities, Narula said. They will need to rely on the "kindness of strangers" offering aid or other support in order to get access to equipment such as ventilators.
It's very challenging to businesses to adapt to such an abrupt change in demand, he added. Watch the interview above.