China’s Xi warns of ‘unilateralism’ in US trade dispute

PM Narendra Modi to address BRICS Summit in South Africa hold talks with Vladmir Putin Xi Jinping

India's Prime Minister Narendra Modi arrived on Monday on the way to a summit in South Africa and agreed $200 million in loans.

Chinese President Xi Jinping said Wednesday that the world faces "a choice between cooperation and confrontation" in remarks critical of escalating USA tariffs on goods from China and other major trading partners.

"A trade war should be rejected because there will be no victor", Xi said at the opening of a BRICS summit of emerging economies in Johannesburg. "A global trade war should be rejected because there will be no victor".

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

Energy Minister Jeff Radebe signed agreements with 27 independent power producers in April, and said last month that bidders would be invited later this year for projects that could amount to investment of as much as 50 billion rand.

Julian Alaphilippe takes wild 16th stage
A Frenchman, Alaphilippe also won the 10th stage and is wearing the polka-dot jersey of the mountains classification leader. With 2.5 km to go, Roglic attacked for the second time but was quickly shut down by Thomas.

Earlier this year, Curtis Chin, a former United States 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.

"Unilateralism and protectionism are mounting, dealing a severe blow to multilateralism".

In economic terms, BRICS countries account for about 30 per cent of global gross domestic product (GDP) and these countries control some 43 percent of global foreign exchange reserves.

Trade wars should be rejected because there will be "no winner" from them, Chinese President Xi Jinping said.

This year's summit is themed "BRICS in Africa, collaboration for inclusive growth and shared prosperity in the 4th Industrial revolution ".

Weather: Likely some showers and storms overnight
Storms become more isolated and fewer in number by the end of the week with highs warming back to the lower 90s. Monday: Partly to mostly cloudy with scattered showers and storms and highs in the upper 70s and lower 80s.

Mr Ramaphosa said: "We are concerned by the rise in unilateral measures that are incompatible with World Trade Organization rules and are anxious about the impact of these measures, especially on developing countries".

The Brics bloc includes Brazil, Russia, India, China and South Africa.

Xi called on the developing world to rise against USA protectionism, warning that the tariffs that the world's biggest economy had imposed on imports would have far-reaching implications for emerging nations and markets.

"China... and will take active measures to expand imports from South Africa so as to support the government", Xi said.

The flags of the BRICS member nations. He cited the country's ranking at 21 on the World Bank's Doing Business 2018 report and Transparency International's Corruption Perception Index 2016, on which the UAE is ranked as the 24th least corrupt out of 176 assessed economies, as potential reasons.

Trump threatens tariffs on all $500 bln of Chinese imports
The Stoxx Europe 600 extended declines to 0.8 percent, led by cyclical sectors including auto and mining, while the VStoxx jumped. But it's something investors will have to think about. "I'm not doing this for politics", Trump said in an interview with CNBC .

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