Davos 2025: How global business leaders responding to Trump’s tariff threats?

CGTN Europe interviewed Morten Wierod, CEO of ABB

Transcript

00:00President Trump's threat of tariffs on all imported goods has left business

00:05leaders across the globe weighing up how to ensure continued growth. CGTN spoke to

00:10Morten Veerod, CEO of the electrical engineering company ABB Group.

00:15I think how we weigh out some of the risks of kind of being too, we don't want to be

00:20over dependent on one market or one supply base. So that means we have in our

00:26company set up what we call local for local initiatives many years ago. That

00:30means what we sell in the United States or North America is produced in North

00:34America. What we sell in Europe is produced in Europe and what we sell

00:37that be India or China is produced in those markets. So it's more to to make

00:42you the whole supply chain more resilient and to de-risk some of these

00:45trading because as you say political decisions can be made overnight these

00:50days. So being local and supporting your customers locally become more and more

00:55important and I'm happy to see that we've made that decision quite many

00:59years ago and have invested in many of our major markets. So we have today have

01:03this very high percentage of self-support in the countries both with

01:08factories and but also with services and have a lot of know-how and deep

01:12technical expertise close to customers. That's always a winning recipe in the

01:18in the market.