China warns the world of a possible economic recession

The trade war between China and the US He broke into the United Nations Assembly this Friday with a hard speech from Chinese Foreign Minister Wang Yi, who warned that the imposition of tariffs and trade disputes "could lead the world even to recession."

Wang told delegates from almost 200 nations something that has been repeated since the outbreak of this conflict, last year, although the Chinese representative wanted to make it clear that all the fault is, in his opinion, of the United States.

"Tariffs and provocations of trade disputes that go against global industry and supply chains, undermine the multilateral trade regime and the global commercial and economic order and could even lead the world into recession," he warned. Wang

In his speech, the head of Chinese diplomacy has had moments in which he reflected the desire to find a solution, which has been mixed with many reproaches to Washington, but also with threats: "In the face of unilateralism we cannot sit down."


China and USA they are engaged in a commercial conflict that broke out last year, which has resulted in the mutual imposition of tariff rates and that in their continuous comings and goings, meetings and disagreements and tweets of US President Donald Trump, has affected almost equally the Wall Street bag and international parks.

The New York Stock Exchange closed today with its main indicators in red, especially the Nasdaq, where the most important technology companies are listed, after local media pointed out that Trump is considering, among other measures, to take Chinese companies out of the bag and Look for a plan to repatriate US companies operating in China.

Last Tuesday, US President Donald Trump also reserved part of his speech to the UN to disputes with China, also showing hopes of closing a pact, but as long as it is not harmful to the United States.

"Hopefully we can reach an agreement that can be beneficial for both of us. But I will not accept a bad agreement for the American people," Trump said Tuesday, who said he is looking for "justice."

Trump also reproached the Asian giant for ensuring that the United States "lost 60,000 factories after China joined the WTO" (World Trade Organization).

"The WTO needs drastic changes. It should not allow the world's second economy to declare itself a developing country to trick the system," he said.

Among other issues, the United States accuses China of forcing technology transfer to companies working in that country. Last March, the Chinese government passed a new law prohibiting the forced transfer of technology.


Faced with the accusations of forced transfer, Wang stressed that "(technological) advances should not be monopolized by any country and no one should obstruct the efforts of other countries to make innovations."

"It is not legitimate or justifiable for a country in a position of power to impose unilateral sanctions or exercise jurisdiction over other countries," said the minister, although without mentioning the White House at any time.

The Chinese official also said that his country will not sit idly by the "winds of protectionism" and stressed that building "walls will not solve global challenges" and that "blaming others for one's problems does not work."

Beyond these reproaches, Wang insisted on his Government's willingness to resolve trade frictions in a "calm and rational manner" and "demonstrate the greatest patience and goodwill."

However, he warned that "if the other party acts in bad faith or shows no respect for a situation of equality or the rules in the negotiations, we will have to respond in the manner necessary to safeguard our legitimate rights and interests," he said.

"I want it to be very clear, China is a country with a civilization of 5,000 years, 1.4 billion brave and hardworking people and a territory of 9.6 million square kilometers. China will not be cowed by threats, nor will it will put under pressure, "he said.

Trump already anticipated that he is in no hurry to solve this problem until the 2020 elections and, after the interventions of both countries in the General Assembly, it does not seem that the solution is just around the corner.

Jorge Fuentelsaz

. (tagsToTranslate) China (t) warns (t) possible (t) economic recession (t)

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