Protective Trade Barriers Could Lead to a “New Dark Age”, Says UK’s Hunt
As per information from the source, Chancellor of the Exchequer Jeremy Hunt has recently warned that Western countries and their allies should avoid the temptation of erecting protective trade barriers to gain technological advantage. Hunt said that such barriers could bring global growth back to the Dark Ages and emphasized the importance of recognizing the benefits of free trade. Instead, he suggested building resilient supply chains among friends and allies, based on shared democratic values, that can weather any global storm they may face.
Hunt’s Views on US Subsidies
Britain has raised concerns about US subsidies that could encourage investment in sectors like clean energy in the United States, which have prompted the European Union to develop similar measures. However, Hunt said that Britain would remain competitive on innovation, as what makes a country competitive is the quality of its ideas rather than the amount of its subsidies.
The Importance of Artificial Intelligence Development
Additionally, Hunt stated that it was not possible for countries to opt out of the race to develop artificial intelligence. Artificial intelligence development is becoming increasingly important, with its widespread use in several industries like finance, healthcare, and retail.
In conclusion, Hunt’s comments highlight the importance of free trade and collaboration among allies to promote global growth, rather than resorting to protectionism. The quality of a country’s ideas and innovation, rather than the amount of its subsidies, will determine its competitiveness. Hunt’s comments on artificial intelligence highlight its significance and the need for countries to work together to develop this technology.