The U.S.-China trade conflict is leading the world toward a 'very bad situation,' Swedish billionaire Marcus Wallenberg said Friday.
Marcus Wallenberg himself 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.
What was worrisome, he added, was that even though both nations were trying to solve the situation, big questions remained around the future of their trading relationship. Wallenberger noted that his family – which is a large owner of Swedish telecommunications company Ericsson – had learned that attempting to have several different standards on telecommunications was not economical.
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