Billionaire Bill Gates has called the current global trade tensions "scary" saying that they could impact economic growth and jobs.
In an interview with CNBC TV18, an affiliate of CNBC, that aired on Wednesday, Gates said that the global economy is "doing quite well right now" but could be affected by tariffs.
"Certainly these trade issues are scary in that if you get people turning inwards, raising up tariffs, the global economy is not going to do as well. There's huge benefits to trade," Gates said.
A number of countries have been dragged into trade issues which have, in large part, been initiated by U.S. President Donald Trump. Last week, China said it was ready to retaliate with tariffs on around $60 billion of U.S. goods, just days after the U.S. administration revealed that Trump had spoken with U.S. Trade Representative Robert Lighthizer and asked him to consider increasing the proposed levies on $200 billion of Chinese goods up to 25 percent, from 10 percent. The European Union, Canada and Mexico have also been dragged into various trade disputes with the U.S.