China says there will be 'no winner' in global trade war

Xi Jinping,Cyril Ramaphosa,China

Xi Jinping,Cyril Ramaphosa,China

Chinese President Xi Jinping has pledged to invest almost 15 billion dollars on his state visit ahead of the BRICS summit today.

Trade wars should be rejected because there will be "no winner" from such actions, Chinese President Xi Jinping said.

For his part, Ramaphosa extended warm welcome to Xi, saying that he was glad to celebrate with the Chinese president the 20th anniversary of diplomatic ties. South Africa's biggest city of Johannesburg is set to welcome the heads of Brazil, Russia, India, and China.

The meeting of presidents from the trade bloc is the first since Trump's administration launched a push to rebalance trade multilateralism that Trump has deemed unfair - relationships that the United States once championed.

President Cyril Ramaphosa criticised countries that act unilaterally in trade deals and discount World Trade Organisation rules in his opening address at the Brics Business Forum in Sandton on Wednesday afternoon.

U.S. President Donald Trump earlier on Wednesday accused China of "vicious" tactics on trade, tweeting that China was specifically targeting U.S. farmers with retaliatory tariffs because "they know I love & respect" them.

#BRICS: SA signs $14 billion trade agreements with China
The rand climbed as much as 1.2 percent against the dollar and was 0.9 percent higher at 13.3447 at 2:30 p.m.in Johannesburg. We need to build closer high-level engagement".

"We should be resolute in rejecting unilateralism", Xi said at the opening ceremony. "China will continue to develop itself with its door wide open".

Xi said China would take "active measures" to expand imports from Africa's most industrialised economy.

Trump has already slapped levies on goods from China worth tens of billions of dollars as well as tariffs on steel and aluminium from the EU, Canada and Mexico.

"We are facing a choice between cooperation and confrontation", he said.

South Africa's trade and industry minister Rob Davies said other investments planned by China included an expansion of electronics firm Hisense's local operations and a metallurgical complex in Limpopo province.

They were speaking at a three-day meeting of BRICS leaders in Johannesburg, South Africa. He said 7,000 South Africans work in jobs affected by the metals tariffs and attempts to get an exemption from the U.S. government had been unsuccessful.

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