Published: Sat, November 17, 2018
Money | By Ralph Mccoy

Protectionism 'doomed to failure', Xi Jinping says in swipe at US

Protectionism 'doomed to failure', Xi Jinping says in swipe at US

Protectionist actions are short-sighted and doomed to fail, Chinese President Xi Jinping said Saturday ahead of an APEC summit at which US-China trade tensions are likely to take centre stage.

"History has shown that confrontation, whether in the form of a cold war, a hot war or a trade war, will produce no winners", he told leaders gathered in Papua New Guinea's capital for the summit.

The media were also refused entry yesterday whilst trying to cover the bilateral meeting between the Chinese President Xi Jinping and the other Pacific leaders.

"We are witnessing a rising tide of trade protectionism along with financial volatility in some emerging economies", Morrison said.

"Meanwhile, across town, Taiwan hosted its own event for the smaller number of countries that recognise it".

Pence tweeted that he would discuss "Trump's commitment to prosperity, security and freedom in the Indo-Pacific".

Pence also mocked China's Belt-and-Road initiative, under which China offers loans to poorer countries in the region to improve infrastructure.

His comments come a day after President Donald Trump told reporters he was confident a deal between China and the United States "will be made".

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"The United States, though, will not change course until China changes its ways", he said.

However, he also said the U.S. sought a "better relationship" with China and progress was being made in trade talks ahead of a mooted meeting between Trump and Xi at the G20 in late November.

"By withdrawing from multilateral trade agreements and pursuing unilateral tit-for-tat tariffs that are damaging not just for the US and China, but for the broader regional and global trading system, the Trump administration is putting itself at odds with America's Asian allies and partners", he said.

Trump is set to meet Xi at the G20 summit in Argentina next month. "The American people know that we have to do something to reset this relationship with China economically".

He said PNG was a young, growing country which faced similar challenges to what China experienced forty years ago when it opened up to the global community.

Pence, meanwhile, warned those at the summit not to accept foreign debt that might "compromise your sovereignty", or "coerce, corrupt or compromise your independence", adding the USA had a better offer.

Just minutes earlier, Mr. Xi had spoken at length about his initiative and the need for free trade across the region.

But Pence made it clear that the United States would not back down.

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