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President Yoweri Museveni has sounded a warning over the escalating trade tensions between the United States and China, cautioning Western leaders against policies that hinder global economic progress.
Speaking on Tuesday, President Museveni slammed the economic planners in the West, saying, “They do not know how to plan well.”
“I don’t know why they like to have parts of the world remain backwards while a few are affluent. This is not good even for them."
Fostering global affluence, he said, benefits all nations, regardless of their political ideologies.
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He noted that the prosperity of nations like China has contributed to increased demand for resources such as steel and copper, benefiting countries like Uganda.
In Uganda, Museveni noted that when his government came to power, the global demand for iron ore was so low that he couldn’t kick-start the industry in the country at the time.
“I was trying to get investors to create a steel industry. But I could not get any. I was told there was a glut…that there was too much steel and the price was too low. The price had gone down to 200 dollars a tonne,” he said.
“That was because at that time, prosperity in the world was only in Western Europe, North America and Japan. These were the ones with cars and houses that needed steel.”
"But in a short time, China took off, and so did India, and some African countries. The demand for steel went up from $200 to $900. And that is why the problem is no longer getting investors. The problem now is selecting who to work with. That is because of the wider prosperity.”
He added, "Whether the Chinese are communists, they need steel, and that is good for me and for Africa."
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Impact of the US-China Trade War
The trade war between the US and China has intensified in recent months, with the US imposing tariffs of up to 145% on Chinese goods, and China retaliating with tariffs of 125% on US products.
This escalation has led to disruptions in global supply chains and has adversely affected economies worldwide.
In April 2025, China's factory activity contracted, with the Purchasing Managers' Index falling below the growth threshold of 50, indicating a slowdown in manufacturing.
President Museveni advocated for a world where all 8.5 billion people have a GDP per capita of $20,000, envisioning a significantly larger and more prosperous global economy.