China's Wang Yi Targets Trump: "Backing Down to Bullies Leads to More Demands"

Source
Korea Economic Daily

Summary

  • China likened the United States to a 'bully' and urged unity among BRICS countries against protectionism.
  • Chinese Foreign Minister Wang Yi criticized U.S. tariff policies and emphasized that BRICS countries must defend the multilateral trade system.
  • It was reported that the issue of 'dollar hegemony' is expected to be a major agenda item at the BRICS Summit.

Criticism at BRICS Foreign Ministers' Meeting

"We Must Oppose U.S. Protectionism Together"

China has escalated its criticism of the United States, likening it to a 'bully' for using tariffs as a weapon. At the same time, it urged BRICS member countries, an emerging economic bloc led by China and Russia, to unite in defending the multilateral trade order.

According to the Chinese Foreign Ministry, Wang Yi, Director of the Communist Party's Central Foreign Affairs Office and Foreign Minister, attended the BRICS Foreign Ministers' Meeting in Rio de Janeiro, Brazil, on the 28th, where he criticized the United States for "enjoying the benefits of free trade while now making unreasonable demands using tariffs as a weapon."

He added, "If you remain silent or concede, the 'bully' will demand even more." China also referred to the United States as a bully during the U.S.-China trade war escalation in 2018 under the first Trump administration.

Wang further emphasized that "BRICS countries must jointly oppose all forms of protectionism, resolutely defend the multilateral trade system based on rules and centered around the World Trade Organization (WTO), and promote trade liberalization and facilitation by upholding core values and fundamental principles."

On the same day, Wang reiterated the need for strategic unity within BRICS during a separate meeting with Russian Foreign Minister Sergey Lavrov, stating that "competition between forces defending and opposing hegemony is intensifying." Lavrov responded by saying, "In a rapidly changing world, Russia and China must maintain close interaction." He also expressed hope that the two countries would support each other in the 80th-anniversary events of Moscow's Victory Day and Beijing's Anti-Japanese War Victory.

The BRICS Foreign Ministers' Meeting was attended by 11 countries, including China, Russia, Brazil, India, South Africa, and new members from last year such as Egypt, Ethiopia, Iran, Saudi Arabia, the United Arab Emirates (UAE), and Indonesia. Brazilian Foreign Minister Mauro Vieira emphasized that "BRICS must take the lead in defending multilateralism, which is under attack from all sides."

The upcoming BRICS Summit in July is expected to address the issue of 'dollar hegemony' as a major agenda item. According to AFP, BRICS member countries are expanding the proportion of settlements in their own currencies and are discussing the possibility of introducing a single currency in the long term. Lavrov stated, "We will increase the proportion of transactions in our own currencies among member countries," adding that "discussions on a single currency are premature."

U.S. President Trump warned against the BRICS countries' move away from the dollar, stating, "If you continue, I will impose 100% tariffs."

Reporter Hyein Lee hey@hankyung.com

publisher img

Korea Economic Daily

hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
What did you think of the article you just read?