China Tells U.N Tariffs Could Plunge World Into Recession

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UNITED NATIONS (Reuters) - The Chinese government’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.”

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 https://uk.reuters.com/article/us-un-assembly-china/in-swipe-at-trump-china-tells-u-n-tariffs-could-plunge-world-into-recession-idUKKBN1WC26W

In a blunt speech to the annual United Nations General Assembly, State Councilor 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.” Taking a clear swipe at U.S. President Donald Trump, who started a damaging trade war on China nearly 15 months ago, Wang added, without naming the U.S. leader: “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 rounds of tit-for-tat tariffs, the United States and China have levied punitive duties on hundreds of billions of dollars of each other’s goods, roiling financial markets and threatening global growth. A new round of high-level talks between the world’s two largest economies is expected in Washington in the first half of October. Wang’s remarks, unusually pointed for a Chinese diplomat, coincided with word that the Trump administration is considering radical new financial pressure tactics on Beijing, including the possibility of delisting Chinese companies from U.S. stock exchanges ....