By Jane Chanda
Economist Kelvin Chisanga says the re-election of Donald Trump as the 47th United States (US) President may bring significant changes to global markets, particularly affecting Zambia’s economy.
And Chisanga said Trump’s conservative approach to U.S markets and his history of protectionism could lead to a challenging factor in maintaining economic balance, especially in Africa, which was a crucial source of raw materials.
In an interview with Daily Revelation yesterday, Chisanga stressed the importance of understanding the impact of Trump’s policies on global trade, particularly in regions like Zambia that relied heavily on international trade.
He said Africa’s role as a raw material hub made it an essential player in the global trade cycle.
Chisanga said the continent’s rich resources had become a focal point in the silent trade war between the U.S and China, as both nations sought to secure access to these critical materials.
The economist pointed out that the presidential electoral cycle often brought different economic feelings, and the change in U.S leadership may affect plans initiated by the previous or current regime.
He said this shift could have a ripple effect on various sectors, including non-governmental organisations (NGOs) that had been supporting Democratic-backed initiatives.
When asked about how he foresaw Trump’s policies influencing the global economy, particularly in Zambia, considering his history of protectionism and potential changes in trade agreements, Chisanga said, “Africa remains a bedrock of opportunities in terms of sourcing raw materials, and it’s crucial that the current U.S President understands this.”
Chisanga noted that Zambia, with its rich copper reserves, was particularly vulnerable to changes in global trade policies.
According to him, the country’s economic resilience would depend on its ability to adapt to these changes and diversify its exports.
The economist also talked about the need for Zambia to strike a balance between its economic relationships with the U.S and China.
He suggested that fostering stronger ties with other nations, particularly those in East Asia, could help mitigate potential losses.
“With a change of patterns in policy across regions, we can have striking balances to ensure whatever happens in the U.S also benefits Africa,” said Chisanga.
He also urged policymakers to prioritise sustainable economic growth and cooperation to navigate the complexities of global trade.
