Five of the biggest emerging economies railed against protectionism on Thursday as they vowed to overcome “significant challenges” facing multilateralism, in a swipe at US tariffs and unilateral action.
President Xi Jinping on Tuesday pledged to further open China's economy, declaring the world must “tear down walls” as he opened an annual trade fair in Shanghai.
United States president Donald Trump is sending a clear message to the economic policymakers gathering in Washington for the IMF and World Bank's spring meetings: My trade wars aren't finished yet and a weakening global economy will just have to deal with it.
United Nations trade official has warned a US plan to raise tariffs on Chinese goods next month would have massive implications for the global economy. The US plans to increase tariffs on Chinese goods if the two sides fail to make progress on a trade deal by 1 March.
The United States and China have in the coming week what may be their last chance to broker a ceasefire in an increasingly dangerous trade war when their presidents meet in Buenos Aires.
President Emmanuel Macron on Sunday urged a Franco-German push to make Europe a stronger and more confident global player that could prevent chaos on the world stage. Macron and German Chancellor Angela Merkel have used a series of war anniversaries to project unity as they push back against populist and nationalist forces in Europe and Donald Trump's isolationist America First stance.
United States Justice Department said on Wednesday it had arrested and indicted a spy for China’s Ministry of State Security on charges of economic espionage and attempting to steal trade secrets from several U.S. aviation and aerospace companies.
Canada has not invited the United States or China to a high-level meeting on reforming the World Trade Organization (WTO). The country will host a small group of like-minded trade ministers in Ottawa in late October to discuss the global trade body. Officials say countries like the US and China will be included at a later date in the reforms discussion process.
Latin America's economic growth is set to come in lower than expected this year, as US protectionism and widespread wariness of emerging markets put a drag on the region, a UN panel said Thursday. The Economic Commission for Latin America and the Caribbean (ECLAC) slashed its growth forecast for the region by 0.7 point to 1.5%, saying the complex global scenario had dimmed the outlook since its last report in April.
The threat of trade protectionism is the biggest concern looming over a solid upswing in the global economy, IMF managing director Christine Lagarde said. The “darkest cloud” on the economic horizon is the “determination of some to actually rock the system that has actually presided over the trade relationships that we have all undertaken and enjoyed to some extent over the last many decades”, said Lagarde.