China’s Xi says ‘no winner’ in any trade war
“A trade war should be rejected because there will be no winner,” Xi said at the opening of a BRICS summit of emerging economies in Johannesburg.
“Unilateralism and protectionism are mounting, dealing a severe blow to multilateralism and the multilateral trading regime,” he said, without mentioning the United States by name.
“We are facing a choice between cooperation and confrontation, between opening up and closed-door policy and between mutual benefit and a beggar-thy-neighbour approach.
“The international community has again reached a new crossroads.”
Leaders of the BRICS emerging economies — Brazil, Russia, India, China and South Africa — are holding an annual three-day summit with attention focused on the threat of a US-led global trade war.
US President Donald Trump has said he is ready to impose tariffs on all $500 billion of Chinese imports, complaining that China’s trade surplus with the US is due to unfair currency manipulation.