Economy

China’s Xi warns of ‘unilateralism’ in USA trade dispute

China’s Xi warns of ‘unilateralism’ in USA trade dispute

China and South Africa have signed several trade agreements, amounting to over $14,7 billion (approximately R200 billion).

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Mr Xi held talks with South African President Cyril Ramaphosa on the eve of the gathering, saying that "the Johannesburg summit has special significance for Brics cooperation in the new circumstances".

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Sreeram Chaulia, of the Jindal School of International Affairs outside Delhi, told AFP that BRICS leaders "concur that the USA has unleashed punitive trade wars that are hurting all the BRICS members".

Chinese President Xi Jinping (L) and South African President Cyril Ramaphosa shake hands after a press conference following their meeting at the Union Building in Pretoria, on July 24, 2018.

Transnet, one of a handful of state firms accused of irregularities in the awarding of state contracts under former President Jacob Zuma, received $300 million from Industrial and Commercial Bank of China.

The next decade will be a crucial one in which new global growth drivers will take the place of old ones, seeing faster changes in the worldwide landscape and the worldwide alignment of forces, and witnessing a profound reshaping of the global governance system, Xi said while addressing the BRICS Business Forum in Johannesburg, South Africa. China is South Africa's biggest trading partner.

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In a speech aimed largely at the Trump administration in the US, President Xi said there could be no victor in any trade war.

China has the most at stake in a potential trade conflict, accounting for the bulk of the combined gross domestic product of about $17 trillion that Brics represents.

Xi arrived in South Africa after visiting Senegal and Rwanda as part of a whistlestop tour to cement relations with African allies.

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