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The process of globalization is under adjustment as President Donald Trump implements his policies to bring manufacturing back to America, a top business executive said over the weekend.
Speaking to CNBC on the sidelines of the China Development Forum in Beijing, Dow Chemical CEO Andrew Liveris said the U.S. has to readjust after allowing unfettered access into its economy for both importers and investors.
"Think about it this way: America pretty, much since World War 2, has been a consumption economy. In essence, you can import pretty much anything to America and sell it in America in any retail environment or in the channel you want. To invest in America, there hasn't been any incentive to invest other than the market," he said.
"Every other economy is an investment economy — even Europe has protections around investment. So I would say to you there is a re-calibration going on globalization," he added.
Liveris was speaking with CNBC on the back of of a G-20 meeting when finance ministers and central bankers made only a token reference to trade in their communique for the first time in a decade.
"Behind every statement there's a body of work that has to happen. I would say very important to the U.S. government is job creation in the manufacturing base of America. And if you look at the raw data, America has lost that battle the last three decades. It wants to regain footing."
New investment has to pour into the U.S. to prepare the country for a new era that will have it on a level-playing field with other countries, he added.
"So what the issue is isn't really China-centric. The issue really is U.S.-centric. How do I rekindle manufacturing in the United States? Not by taking it away from somewhere, but rekindling it in the United States," he said.