JOHANNESBURG - A developing trade war will hurt the world economy and will yield no winners, Chinese President Xi Jinping warned on Wednesday.
Tensions have risen between the United States and China, Canada, Mexico and the European Union, stemming from tariffs imposed by President Donald Trump in a bid to protect producers in the world's biggest economy.
Xi told the 10th summit of the BRICS grouping of Brazil, Russia, India, China and South Africa in Johannesburg that unilateralism and protectionism were mounting, dealing a "severe blow" to multilateralism.
"We are facing a choice between cooperation and confrontation," he said.
"A trade war should be rejected because there will be no winner. Those who pursue this course will only end up hurting themselves."
President of China, Xi Jinping - “We must enable emerging markets and developing countries to see leap frog investment.” pic.twitter.com/qnu6bAa1Uq
— Business Report (@busrep) July 25, 2018
“A trade war should be rejected because there will be no winner. Those who pursue this course will only end up hurting themselves.” - President of China, Xi Jinping speaking at the #BRICSSummit #brics2018 #BRICSZA @BRICS_10 @IOL
— Business Report (@busrep) July 25, 2018
“There is a gap between emerging countries and developing countries. Africa is home to more developing countries than any other place in the world. We must make Africa a model for south- south cooperation.” - Xi Jinping. #BRICS2018 #BRICSSummit @BRICS_10
— Business Report (@busrep) July 25, 2018