China tells UN tariffs could plunge world into recession

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China tells UN tariffs could plunge world into recession

On Friday, the 27th of September 2019, one of the top diplomats of the Chinese Government, warned that trade and tariff abrasions could plunge the world into a steep recession, while Beijing had always been committed to resolve them in a “rational, calm and cooperative manner,” reflagging the great financial depression of 2008 when US markets were forced to use a large sum of China’s foreign reserve to curb out some of their losses.

Meanwhile, at a straightforward speech to the annual UN General Assembly, voicing a blunt tone and taking a direct swipe at US President Donald Trump who had initiated a costlier and protracted trade war with China about 15 months ago, China’s State Councillor and Foreign Minister, Wang Yi said on Friday (September 27th), “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. 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. ” Nonetheless, Wang Yi had not named the US leader in his speech that directly accused Trump Administration behind a cataclysmic downward spiral the global economy had been facing off.