Chinese Premier Li Qiang on Monday cautioned against rising “unilateralism” in global trade, urging nations not to revert to “the law of the jungle” amid escalating tariff tensions with the United States.
Speaking at the
ASEAN Summit in Kuala Lumpur, Li said economic globalization and multipolarity were “irreversible,” calling for stronger support for the global free trade system. He warned that unilateralism and protectionism were “rampant” and posed “huge risks to the region.”
His remarks came ahead of a key meeting between US President
Donald Trump and Chinese President Xi Jinping, scheduled for Thursday in South Korea, where both leaders are expected to discuss ways to ease their ongoing trade disputes.
Li’s comments were seen as a veiled criticism of Trump’s tariff policies, which have disrupted global trade networks and financial markets, as reported by AFP.
Meanwhile, speaking to reporters while en route to Japan, Trump expressed optimism about reaching an agreement with Xi during their upcoming talks. It will mark the first face-to-face talks between the two leaders since Donald Trump began his second term in January.
Many hope the meeting will help ease tensions between the world’s two largest economies.
The trade conflict between Washington and Beijing has intensified since Trump announced sweeping tariffs earlier this year. Both sides have been negotiating to avert another round of 100 per cent tariffs set to take effect on November 1.
US Treasury Secretary Scott Bessent and China’s Vice Premier He Lifeng held two days of talks over the weekend, with both sides reporting progress. China’s Vice Commerce Minister Li Chenggang said a “preliminary consensus” had been reached, while Bessent told ABC News that the additional tariffs had been “effectively averted.”
He added that the two countries were close to finalising agreements on rare earth exports and American soybean trade.
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Read MoreThe TOI Business Desk is a vigilant and dedicated team of journalists committed to delivering the latest and most relevant business news from around the world to readers of The Times of India. The primary focus of the TOI Business Desk is to keep a watchful eye on the global business landscape, covering a wide spectrum of industries, markets, economic trends, in-depth analysis, exclusive reports and breaking stories that impact businesses and economies. With a mission to provide valuable insights and updates, the desk ensures that TOI readers are well-informed about the ever-changing and dynamic world of commerce and can navigate the complexities of the business world.
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