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There’ll be no winners in global trade war, China’s Xi warns

There’ll be no winners in global trade war, China’s Xi warns

China this week sharply rejected accusations by Donald Trump that it was manipulating the yuan to give its exporters an edge, saying Washington appeared determined to provoke a trade war.

"Unilateralism and protectionism are mounting, dealing a severe blow to multilateralism and the multilateral trading regime", he said, without mentioning the United States by name.

"We have signed several agreements and memorandums of understanding that are meant to further deepen our relations, including investment commitments to the value of $14 billion", Ramaphosa said, standing beside Xi.

"The global community has again reached a new crossroads". The Brics group encompasses Brazil, Russia, India, China and SA.

Last week, President Trump said he was ready to impose tariffs on all goods imported from China - worth $500bn (£380bn).

China has told developing nations there would be no victor in a global trade war.

You will see during the summit that the likes of President Xi and Prime Minister Modi run real powerhouses, not Putin.

The announcement followed a meeting between the two countries' leaders President Cyril Ramaphosa and Chinese President Xi Jinping in Pretoria. While they have combined foreign-exchange reserves of $4tn, the group's currencies, stocks and bonds took a hit from the trade war and Fed policy tightening.

South African President Cyril Ramaphosa right shakes hand with Chinese President Xi Jinping after a joint press conference at the government's Union Buildings in Pretoria South Africa Tuesday

Earlier this year, Curtis Chin, a former USA ambassador to the Asian Development Bank and managing director of advisory firm RiverPeak Group, told The National The UAE may well be a contender as the next Brics country.

"They come with the national interests of their countries". "The urgency this time is greater", he said.

The meeting opened on Wednesday with a business forum, before the heads of state hold talks on Thursday.

African leaders attending a "BRICS outreach" programme on Friday include Paul Kagame of Rwanda, Joao Lourenco of Angola, Macky Sall of Senegal and Yoweri Museveni of Uganda.

Meanwhile‚ minister of trade and industries‚ Rob Davies‚ said that South Africa was giving more than it got in its investment partnerships with Brics countries - and this had to change.

"BRICS has the strategic potential to re-shape world trade". Turkey's president, Recep Tayyip Erdogan, has also been invited.

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