10:39 GMT23 October 2020
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    JOHANNESBURG (Sputnik) – Those who pursue trade wars that include damaging policies of unilateralism and protectionism with the aim of achieving "economic hegemony" will only end up harming themselves, Chinese President Xi Jinping said on Wednesday at a session at the BRICS Business Forum.

    "A trade war should be rejected because there will be no winner. Economic hegemony is even more objectionable because it will undermine the collective interest of the international community. Those who pursue this course will only end up hurting themselves. Unilateralism and protectionism are mounting dealing a severe blow to multilateralism and the multilateral trading regime," Xi said.

    READ MORE: Trump's Trade Spat With EU, Canada, Mexico a Sideshow to China – Trade Lawyer

    Earlier in the day, the 10th annual summit of BRICS states, namely Brazil, Russia, India, China and South Africa, kicked off in South Africa's Johannesburg. The event will continue through Friday.

    US President Donald Trump announced steep tariffs on steel and aluminum imports in March, triggering a wave of disputes with a number of key trade partners. All parties involved have since been exchanging threats to impose bilateral import duties. BRICS members China, India and Russia, as well as other states have also initiated disputes against the US measures within the World Trade Organization (WTO).

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    trade war, agreement, BRICS, China, United States
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