BHP execs call for openness and alliances to prevent trade rift damage
PERTH (miningweekly.com) – Diversified major BHP has called for open communication as global trade tensions intensify.
The call comes as the US and Chinese governments ready for a stand-off, with both countries escalating tariffs on imports.
Speaking at the company’s annual general meeting on Thursday, CEO Andrew Mackenzie said that protectionism had a negative flow-on effect for businesses, undercutting confidence, disrupting investment and destroying productivity.
“Tensions over trade have risen before and will rise again. In fractious times, it is essential to keep the lines of communication open. The economic benefits of cooperation are too critical to ignore,” Mackenzie said.
He was also critical of the recent tariff battle that has emerged in the global trading space.
“Punitive tariffs are not the answer. We must all become guardians of openness, and broker alliances to prevent the damage trade rifts inflict.”
He further noted that the “current assault” on the global trading system was likely to push countries outside of the dispute to take action.
“This is not a time for complacency. When the fabric of global trade frays, we must pull together and administer needle and thread,” Andrew Mackenzie said.
BHP chairperson Ken MacKenzie said that the company was closely monitoring the market volatility triggered by the global trade questions, saying the company remained “cautious” about its impact on business.
“Anything that threatens the stability of the global trade system creates uncertainty for everyone, for governments, for communities and for business. Trade restrictions pose a real threat to economic growth by diverting trade flows, affecting prices and discouraging investment.
“BHP strongly advocates for free and fair trade. It is a critical driver of global wealth creation, jobs, and improved living standards."
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation