-Source-CNBC-
No one will emerge as a winner if the ongoing trade tensions between the United States and China escalate into a full-blown global trade war, one of Europe's leading industrialists warned on Friday.
With a strong growth average around the globe, the fundamentals of business remain "pretty good," and the trade tension is becoming a concern, Jim Hagemann Snabe, chairman of the supervisory board at Siemens, told CNBC at the Singapore Summit on Friday.
Snabe, who previously was co-CEO of German software company SAP, is also chairman of the board at Danish business conglomerate A.P. Moller - Maersk.
"It is concerning to see that the tensions grow," he said. "Right now, they don't have significant impact. They've been very targeted in certain categories. But of course, if this continues, it will have, in my opinion, a negative impact on growth and, with that, could have ripple effects on the economy — in particular in developing countries."
American officials are reportedly looking to have another round of high-level trade talks with their Chinese counterparts before the next round of tariffs are imposed. The U.S. is considering tariffs on $200 billion in Chinese goods for which a public comment period expired earlier this month. Read more
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