China tells U.N.: tariffs, trade disputes could plunge world into recession

Source: By David Lawder and David Brunnstrom, Reuters • Posted: Sunday, September 29, 2019

UNITED NATIONS (Reuters) – China’s top diplomat said on Friday that tariffs and trade disputes could plunge the world into recession and Beijing was committed to resolving them in a “calm, rational and cooperative manner.”

In blunt speech to the annual United Nations General Assembly, State Councillor and Foreign Minister Wang Yi said: “Erecting walls will not resolve global challenges, and blaming others for one’s own problems does not work. The lessons of the Great Depression should not be forgotten.”

In a clear swipe at U.S. President Donald Trump, who started a damaging trade war on China nearly 15 months ago, Wang added:

“Tariffs and provocation of trade disputes, which upset global industrial and supply chains, serve to undermine the multilateral trade regime and global economic and trade order.

“They may even plunge the world into recession.”

In successive round of tit-for-tat tariffs between the United States and China have levied punitive duties on hundreds of billions of each other’s goods, roiling financial markets and threatening global growth.

A new round of high-level talks between the two sides is expected in Washington in the first half of October.

Reporting by David Lawder and David Brunnstrom; editing by Grant McCool