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Recession due to trade dispute: Beijing warns Washington indirectly

            

              
              
                

            

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<p class= China refuses to be intimidated by any threats from trading partners.

(Photo: picture alliance / dpa)

              

In his speech to the United Nations, US President Trump blatantly blames the Chinese leadership. A few days later, Beijing uses the same platform for a more fundamental criticism of current trading practices. The addressee of the scolding is still clear.

              

China's Foreign Minister Wang Yi warned of the consequences of protectionism at the UN General Debate in New York. "The lessons of the Great Depression should not be forgotten," said Wang. "Tariffs and the provoking of trade disputes that shake the global industry and supply chains undermine the multilateral trading system and the global economic and trade system."

Such developments could "plunge the world into recession," he said Chinese foreign minister. Obviously, regarding the US's punitive tariffs against Chinese products, Wang said his country will never be intimidated by threats or "subjected to pressure".

They want to solve problems in a calm and reasonable way. "But if the other side acts with malice or no respect for the same status or the same role in the negotiations, we must take the necessary measures to safeguard our legitimate right and interest," Wang told the UN General Assembly , He did not mention the US directly in his speech.

US wants to reform WTO

US President Donald Trump instigated a trade war with Beijing more than a year ago, the last of which escalated. Since then, the two largest economies have been facing punitive tariffs, which is weighing on the international economy. Negotiations have been going on for months about a new trade agreement between the two major powers. For early October, Washington and Beijing plan to continue their talks.

In his speech to the United Nations on Tuesday, Trump had called for a reform of the international trading system, accusing China of unfair economies once again. His government would push ahead with an "ambitious campaign" to reform world trade. The World Trade Organization (WTO) needs "drastic change". For example, it could not be that China, as the world's second largest economy, could claim the benefits of a developing country in trade relations under WTO rules, Trump said.

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