Globalisation may have run its course in current form, says HSBC chair

Globalisation “may have now run its course” in its current form, according to the chair of HSBC, as geopolitical tensions and US tariffs threaten to upend existing global trade.Speaking at the bank’s global investment summit in Hong Kong on Tuesday, Sir Mark Tucker warned that trade tensions created uncertainty that posed a “serious potential risk to global growth”, in remarks reported by the Financial Times. He predicted stronger economic ties would develop between regional groups and trade blocs.Since starting his second term as US president in late January, Donald Trump has imposed various tariffs on leading trading partners such as Canada, Mexico and China, as well as global steel and aluminium tariffs. The EU has announced retaliatory measures from April, while the UK has chosen to adopt a “pragmatic approach” while it tries to negotiate a wider trade deal with the US.Starmer is warned against ‘appeasing’ Trump with tax cut for US tech firmsRead moreTrump is expected to impose mor...