Trade wars have winners and losers and in the short-term China will be the loser.

But what was happening between the US and China was a bilateral issue which would have an impact on third parties, Mafre economist Gonzalo de Cadenas Santiago told the Times of Malta.

In the long term, there would be more wide-ranging effects – but everybody would lose, the director of the insurance giant's Macroeconomic and Financial Analysis Unit said.

“Some more than others!”

In a wide-ranging interview, he argued that although the US does not follow standard rules of policy making – its actions were not as shallow as it seemed, with Treasury Secretary Steve Mnuchin and a core team responsible for a considerable amount of “thinking”.

He said in spite of the “hot air”, the government was getting what it wanted, from tax reform to some trade deals.

“I’m not saying I like it but it works for them,” he admitted.

From the European Central Bank’s independence and Taiwan’s quest for independence, to mixing politics and economic agreements in Saudi Arabia, listen to Mr de Cadenas Santiago’s thought-provoking interview below.

Mr Cadenas Santiago was in Malta recently for a business breakfast organised by Mapfre Middlesea and Mapfre MSV Life.