BRICS SUMMIT
Trade war will hurt those who start it, Xi Jinping warns
China's leader says the next decade will see a profound reshaping of the global governance system
The deterioration of the global trade environment amid a worsening trade war between the US and China dominated the Brics summit in Johannesburg on Wednesday, with Chinese President Xi Jinping issuing a stern warning that those pursuing a trade war would “only end up hurting themselves”. Trade wars should be rejected “because there will be no winner”, Xi said, adding that Brics member countries — Brazil, Russia, India, China and SA — had an obligation to “firmly promote an open global economy”. The US imposed tariffs of 25% on $34bn of imports from China in early July, with threats of further duties on more than $500bn of Chinese goods. The move has sparked a tit-for-tat war between the world’s two biggest economies, with Beijing imposing tariffs on US imports of about $34bn. Trade tension between the US and the rest of the world poses a risk to the global economy, with the IMF warning earlier in July that it could lead to decline in global growth by as much as 0.5% by 2020, or abou...
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