Crisis looming over global economy without free trade

Latest news

    Multilateral free trade is a key to global economic stability, global leaders at the St. Petersburg International Economic Forum (SPIEF) have agreed.

    Russian President Vladimir Putin warned about the deepest crisis the global economy has ever seen, if protectionism prevails. “The system of multilateral cooperation, which took years to build, is no longer allowed to evolve. It is being broken in a very crude way. Breaking the rules is becoming the new rule,” he said.

    Read more

    Seeking alternatives to US dollar dominance in global finance on day one of SPIEF 2018

    The methods for breaking the rules are trade tariffs, technical standards and subsidies, as well as unilateral sanctions, according to Putin. “The ability to impose sanctions arbitrarily and with no control fosters a temptation to use such restrictive tools again and again, right and left, in every case, regardless of political loyalty, talks about solidarity, past agreements and long cooperation,” the Russian president said.

    International Monetary Fund (IMF) chief Christine Lagarde said trade barriers can slow down global growth, which is expected to reach 3.9 percent this year. “There are darkening clouds from the risk of a retreat from global trade and multilateral cooperation,” she said. Lagarde warned there are no winners in a trade war, and “protectionism hurts the poor especially hard.”

    Longtime US ally France is seeking to make Europe’s economy more independent, according to President Emmanuel Macron. “We must work to boost cross-investments and to achieve financial independence of Europe. It is necessary, if we want to reach our strategic goals, to achieve individual and autonomous financing of these projects and strategies. It is necessary to separate some spheres from geopolitical ones, from politicization,” Macron said at the Forum.

    Read more

    Washington uses sanctions to push its gas to Europe – Germany’s largest energy company

    “We seek European sovereignty, and I think that, in order to achieve it, we need to start with self-sufficiency and sovereignty in the area of financing,” Macron added.The French president also said that he supports measures to compensate the European companies that may suffer from US sanctions on Iran.

    The world’s second-largest economy, China, is also seeking to avoid trade wars. “As far as the trade war between China and the United States is concerned, consultations between the two countries are underway … We should avoid a trade war because nobody will win,” Vice President Wang Qishan said Friday.

    Japanese Prime Minister Shinzo Abe said trade disputes should be resolved through the World Trade Organization. “I think it is necessary to pay attention to trade in general, in a comprehensive manner, and to act within the framework of the WTO regulations. We are talking about this inside the country, and we also call on the American partners to do this,” Abe said. The PM pointed out that Japan is against the raising of tariffs on steel imports to the US, adding that this could affect US consumers.

    View the original article: https://www.rt.com/business/427833-spief-trade-protectionism-economy-crisis/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

    For more stories on economy & finance visit RT’s business section

    In the same category are

    The rebels surrender: Tory Remainers in last minute deal as MPs reject ‘meaningful vote’ on Brexit Tory Remain MPs who had threatened to rebel against the UK govt on the amendment for a ‘meaningful vote’ on the final terms of the Brexit deal have su...
    Russia prepares for production of iconic Soviet-era megaplane Ulyanovsk-based plane maker Aviastar-SP has announced a competition to evaluate its capability to resume production of the An-124 ‘Ruslan’ heavy trans...
    Swedish squad stunned by Russian volunteer’s impromptu rendition of their national anthem (VIDEO) WORLD CUP 2018 LIVE #FansEyeView #FootWall 21 Jun, 2018 12:23 Record-breaker Ronaldo snatches World Cup win for Portugal on successful return to Lu...
    Erotic dance by Ukrainian border guards becomes internet sensation (VIDEO) A sexy video of semi-naked female border guards rocking it out to the tune of ‘Gentlemen’ by Korean signer Psy has become an internet sensation in Ukr...
    Record-breaker Ronaldo snatches World Cup win for Portugal on successful return to Luzhniki Stadium Cristiano Ronaldo became the highest scorer for a European international team as he recorded the only goal of the game and handed Portugal a 1-0 win i...
    ‘Free Tommy’ protests: Letter urges people to ‘come together’ to defeat UK’s resurgent far-right Protests surrounding the imprisonment of ex-EDL leader Tommy Robinson have caused over 50 prominent figures to collectively voice their concerns in a ...

    Leave a comment

    Your email address will not be published. Required fields are marked *

    This site uses Akismet to reduce spam. Learn how your comment data is processed.