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JOHANNESBURG (BLOOMBERG) – Trade wars should be dismissed because "there will be no winner," said Chinese President Xi Jinping.
Those who follow such a course "will only end up getting hurt" at the Brics Summit in Johannesburg on Wednesday, July 25, calling on Brazil, Russia, India, China and Africa. South to jointly reject unilateralism and protectionism, which "rise and strike a blow to multilateral trade". President Donald Trump has imposed billions of dollars in tariffs on Chinese products to counter what he sees as unfair practices that have resulted in a huge trade imbalance.
Growing trade tensions threaten to derail a global recovery – expected growth in Europe and Japan as financial markets seem to be content with rising risks, warned the International Monetary Fund on July 16.
The annual summit of the coterie of the emerging economic powers Jim O'Neill, former president of Goldman Sachs Asset Management, is the tenth since the beginning of the meeting of its leaders.
O 'Neill coined the term Bric in 2001 to describe the four emerging powers that he felt were equal to the United States
Brazil, Russia, India, and China have invited South Africa to join the group in December 2010.
The GDP of the five countries now accounts for more than 90% of US production.
"The current international order is not perfect, but as long as it is aimed at a win-win situation for all countries, it must not be abandoned as it pleases", said Mr. Xi
"We should pursue inclusive growth, unequal development is a common challenge, developed countries need to increase their support for developing countries."
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