‘China will not be subdued’, Foreign Minister Wang Yi says, warning that trade war could plunge world into recession
- Top diplomat hits back at Trump’s trade policies from UN General Assembly rostrum, same setting US president used to criticise Beijing days before
- Remarks come as White House officials discuss limiting US investors’ capital flows into China
China’s foreign minister hit back at US President Donald Trump’s trade policies at the United Nations on Friday, warning that protectionism could plunge the world into a recession just as negotiators from both countries prepare to meet in Washington next month.
Foreign Minister Wang Yi, speaking from the UN General Assembly rostrum days after Trump used the same setting to criticise China’s trade practices, said that “tariffs and provocations of trade disputes” are upsetting the global industrial and supply chain and risk undermining the “global economic and trade order”.
“China will not ever be cowered by threats, or subdued by pressure,” Wang said. “Erecting walls will not resolve global challenges, and blaming others for one’s own problems does not work.”
Wang’s speech came as Trump administration officials discuss ways to limit US investors’ portfolio flows into China in a move that would have repercussions for billions of dollars in investment pegged to major indices.
The news rattled markets, with stocks extending losses on Friday on concern the trade war is escalating ahead of planned discussions between both countries.