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China pledges more BRICS cooperation as US trade tensions rise

AFP  |  Beijing 

pledged today to boost cooperation with fellow countries in response to soaring frictions with the US, as it seeks to cultivate alliances to help it weather a bruising trade war.

will enhance coordination on macroeconomic policies with fellow members Brazil, Russia, and in response to the "challenges posed by the changing policies of certain developed countries," said

The comment was an oblique reference to US Donald Trump's decision to plunge the US and into a tit-for-tat trade war by imposing tariffs on billions of dollars worth of goods -- and threatening to up the ante with $200 billion more.

While the US has "no respect for rules of international law," the countries all shared a clear stance towards global markets, Zhang said, echoing Beijing's oft-stated position that China -- which the US and others have accused of having a mercantile, protectionist trade policy -- is a guardian of free trade.

"We all firmly support multilateralism and the multilateral trade regime," he said. "We all oppose unilateralism and trade protectionism." The comments come as has instructed companies to look for imports beyond the US, seeking closer trade ties in and elsewhere to offset potential losses from American tariffs.

will attend the 10th BRICS Summit in Johannesburg, from July 25 to 27.

Meanwhile, Trump has picked fights with key US allies such as Canada, sparking fears of an all-out global trade war.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 13 2018. 15:35 IST