Trade wars seriously undermine global economy — Xi Jinping

Trade and tariff wars unleashed by individual countries are significantly undermining the global economy, Chinese President Xi Jinping said at the BRICS summit held online.

"Global changes have accelerated development by now, with hegemonism, unilateralism and protectionism flourishing. Individual countries are unleashing trade and tariff wars one after another, which are seriously undermining the world economy and causing serious damage to international trade rules," he was quoted as saying by Xinhua news agency.

BRICS countries should adhere to the spirit of openness, tolerance, and cooperation, jointly protecting multilateralism, and upholding the multilateral trading system, the Chinese leader noted.