ECB's Lagarde slams 'coercive trade policies' in Beijing visit

Christine Lagarde urged each parties to find solutions 'even successful the look of geopolitical differences'. Photo: Kirill KUDRYAVTSEV / AFP/File
Source: AFP

European Central Bank main Christine Lagarde warned Wednesday that "coercive commercialized policies" risked harming proviso chains and the planetary economy, and called for a de-escalation of a tariff standoff that has wiped billions disconnected markets.

Lagarde, 1 of the world's astir influential cardinal bankers, is visiting Beijing this week for talks with section counterparts connected the Chinese system and expanding cooperation.

Her sojourn came arsenic high-level China-US talks successful London ended with an statement to little tensions aft US President Donald Trump launched his tariff blitz successful April.

In a code astatine the People's Bank of China -- the country's cardinal slope -- she urged each parties to find solutions "even successful the look of geopolitical differences".

Lagarde urged countries to support the "multilateral framework" of planetary trade, which she said "so greatly benefited our economies".

"Coercive commercialized policies are acold much apt to provoke retaliation and pb to outcomes that are mutually damaging," she added.

"All countries should analyse however their structural and fiscal policies can beryllium adjusted to trim their ain relation successful fuelling commercialized tensions," she said, calling for an extremity to "mutually damaging escalation of tensions".

She warned that protectionism risked "eroding the foundations of planetary prosperity".

Beijing and Brussels' commercialized policies person been slammed by Trump, who past period threatened to escalate tariffs connected the European Union if it did not negociate a swift deal.

China, meanwhile, has sought to amended shaky relations with the bloc arsenic a counterpoint to Trump.

China and the European Union volition big a acme adjacent period marking 50 years since they established diplomatic ties.

The 2 sides volition sermon mounting minimum prices for Chinese electrical vehicles successful Europe and opening a "green channel" for uncommon world exports to the 27-nation bloc, according to authoritative statements.

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Source: AFP