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Lagarde warns of the risks of protectionism: ‘Global fragmentation is harmful to everyone’
The ECB president sounds the alarm from Beijing as China and the United States sign a temporary agreement on tariffs. 90-day trade truce
‘The fragmentation of global trade into opposing blocs would drastically reduce trade and penalise all major economies.’ This is the warning issued by Christine Lagarde, President of the European Central Bank, speaking at the People’s Bank of China in Beijing.
According to Lagarde, only cooperative solutions can preserve global prosperity, even in the context of growing geopolitical tensions: ‘Coercive trade policies are not a sustainable response: they address the effects without resolving the causes, undermining the foundations of global growth.’
The ECB president also pointed out that, in a system of deeply integrated supply chains that are no longer supported by geopolitical alignment, the risks of retaliation and mutual damage are ‘more serious than ever.’
While Lagarde calls for cooperation, on the diplomatic front there is a fragile détente between the world’s two largest economies. In London, after two days of talks, China and the United States reached a preliminary agreement on the implementation of the trade agreements discussed in recent weeks.
According to Chinese Vice Minister of Commerce Li Chenggang, the delegations conducted ‘professional, rational and frank exchanges’, continuing the dialogue that began with the 5 June phone call between the two leaders and continued with the agreements signed in Geneva.
The agreement provides for a 90-day trade truce: the United States has reduced tariffs on certain Chinese products from 145% to 30%, while China has lowered its tariffs on American goods from 125% to 10%.
Export controls, a crucial issue for future balance, were also discussed in London. Beijing has introduced restrictions on rare earth exports and new licensing procedures. Washington, for its part, is limiting the sale of advanced software for the design of chips and sensitive aeronautical components.
The date of the next meeting has not yet been set, but the truce has temporarily eased tensions in an increasingly delicate global context.
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(Photo: © AndKronos)
