Disney boss with a warning for the Trump administration
Walt Disney CEO, warns Trump that a US-China trade war would be "bad for business"
by Abi Moses on 9th February, 2017 and updated 11th February, 2017 2:30pm
Donald Trump has once again come under criticism for his immigration policies and his stance with regards to a trade deal with China.
In a blow, the criticism has this time, come from a member of President Trump's own business advisory council. Bob Iger, CEO of Disney has called for a "fair and just" immigration and warned against a US trade war with China.
Mr Iger's concerns in regards to China follow Trump's threats to levy tariffs of up to 45% on Chinese goods. The IMF has warned that global growth could be derailed by a trade war between the world's two biggest economies.
During his interview with American broadcaster, CNBC, Mr Iger claimed, "An all-out trade war with China would be damaging I think to Disney's business and to business in general and something I think we have to be really careful about."
The Disney boss was also hugely sceptical of the travel ban imposed by the new Trump administration. The ban affects the USA's refugee programme with a total ban on the natives of seven mainly Muslim countries.
He said "I firmly believe that we cannot shut our borders to immigrants. I think a fair and just immigration policy is good for our country and good for our society."
Mr Iger was speaking as Disney published its quarterly results for October to December, although revenue had dropped, profits were higher than had been expected. One catalyst for the increased profits was its Shanghai Disney Resort, despite only opening last summer, the resort has already attracted over seven million visitors – further highlighting the importance of a strong US/China relationship, from Disney's point of view at least.
For potential investors in the Disney brand, and many other internationally recognised organisations, a strong US/China trade agreement is crucial for continued growth. With uncertainty rife at the moment, there may be no better time to invest in the world's blue chip companies.
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