Prior to a meeting with the US, China and three other countries condemned protectionism during a meeting in Buenos Aires’ G20 summit. This year’s Group of 20 industrialised countries (G20) is being seen as a test for the leaders who first met in an effort to save the global economy following the 2008 financial crisis. With nationalist sentiments rising in multiple countries, the G20 is being forced to questions how to deal with trade tensions that have caused disturbances in the global market.
A major issue that is hanging over the summit is the continued trade war between the US and China.
The two countries have imposed hundreds of billions of pounds worth of tariffs on each other after Trump looked to correct what he viewed as unfair treatment by the Asian country.
Chinese President Xi Jinping and other leaders from the BRICS group of leading emerging economies, Brazil, Russia, India, China and South Africa, all called for an opening of international trade and a strengthening of the World Trade Organisation (WTO).
In a statement, they said: “The spirit and rules of the WTO run counter to unilateral and protectionist measures.
READ MORE: MACRON’S G20 WARNING: US and China trade row risks DESTROYING global economy
“We call on all members to oppose such WTO-inconsistent measures, stand by their commitments undertaken in the WTO.”
Beijing is looking to convince Trump to not rain tariffs on $200million (£156million) worth of Chinese goods from 10 percent to 25 percent in January.
Following hopes that a deal would be made between the two countries, US stocks closed higher on Friday.
Trump aid that there have been positive signs when it comes to reaching an agreement with China.
He said: “We’re working very hard. If we could make a deal that would be good.
“I think they want to. I think we’d like to. We’ll see.”
While differences remain, a Chinese foreign ministry official in Argentina said that there was an increasing agreement during the build-up to the meeting.
Source : EXPRESS