Wallenberg not sure which side Europe will be on in a Sino-US High-Tech Cold War

Marcus Wallenberg — a fifth-generation member of the Swedish Wallenberg dynasty — said the Sino-U.S. trade war was “extremely unfortunate.”

Speaking at the Salzburg Summit in Austria, and in an interview with CNBC Friday, Marcus Wallenberg warned that the delay in finding a resolution to the trade conflict was extremely worrying.

Marcus Wallenberg also pointed to the uncertainty about the ongoing technology split between the US Internet and the Chinese development of competing technology. Many already call it a growing Sino-US High-Tech Cold War.

“Are we going to see a bifurcated world [meaning a split into two] in terms of technology going forward? Some people say we’re already there,” he said.

If it came to choosing side, Marcus Wallenberg  was unsure which side Europe would stand on.

“It’s quite evident that European governments have been trying to balance between (China and the U.S.) and not side with one of these opponents.

“I think it’s unreasonable at this point in time to think that we will know which side Europe will go on,” Marcus Wallenberg said.

He added that the potential of a technological divide should give Europe “further incentive to really invest into the future so we can stand more on our own legs.”

“We cannot (ignore) the fact that if you look at Germany or other major economic powers in Europe, we’re very dependent on the Chinese market as well as the American market,” he said.

Wallenberg is the chair of private banking group SEB, as well as being the chair of asset manager FAM and the director of pharmaceutical giant AstraZeneca’s board.

 

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