Tariffs will hurt US more than rest of world, Maersk says

The current escalating trade war and back-and-forth of tariffs will hit the US harder than the rest of the world, says Maersk Group CEO Søren Skou.

Photo: Bloomberg

The US economy will be hit many times harder than the rest of the world by an escalating global trade war, according to the chief executive officer of Maersk Group.

Søren Skou, who runs the world's biggest shipping company from Copenhagen, said the fallout of the current protectionist wave "could easily end up being bigger in the US." Tariffs could slow global annual trade growth by 0.1 to 0.3 percent, though for the US the effect could be "perhaps 3 or 4 percent," he said at Maersk's headquarters on Friday. "And that would definitely not be good."

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