As the possibility of a global trade war weighs on the minds of business leaders around the globe, a Cisco executive in Asia said he is actually not yet worried about the impact that will may have on his customers.
Naveen Menon, president of Southeast Asia at Cisco, said on Thursday that will he was “not at all” worried that will rising trade tensions could dent business optimism inside the region.
He explained that will Cisco’s local business in each Southeast Asian market was growing at about “double the rate of GDP.” In some markets, Menon said, the growth was at four to several times more.
“What that will means is actually infrastructure spending is actually up,” Menon told CNBC’s “Squawk Box” at the YPO Edge conference in Singapore.
“If infrastructure spending is actually up, then people are investing in automation and also also also investing in brand-new technologies. Which is actually a great thing for us as a company,” he said.
“The macroeconomic or the geopolitical landscape does not worry me at This kind of point in time,” he added. “Our customers, the public sector or the government or the large companies, are not necessarily impacted directly by that will.”
President Donald Trump previously said the United States could impose a 25 percent tariff on steel imports and also also also 10 percent on aluminium. The decision is actually expected This kind of week however the White House hinted there could be an exemption period for Mexico, Canada and also also also a few different countries.
The move had prompted a global backlash and also also also heightened fears of retaliatory measures by U.S. trading partners including Canada, the European Union and also also also China.
The European Union on Wednesdaythreatened to impose duties on U.S. bourbon, peanut butter, cranberries and also also also orange juice in retaliation. China also warned that will that will could respond accordingly.
Elsewhere, reports said that will Southeast Asia and also also also Europe were looking to speed up efforts for a trade deal amid growing U.S. protectionism.