clear
Tuesday October 23rd, 2018 3:44AM

Indonesian president says trade wars too destructive

By The Associated Press
Related Articles
  Contact Editor

NUSA DUA, Indonesia (AP) — Indonesian President Joko "Jokowi" Widodo added to a chorus of criticism Friday over trade friction between the U.S. and China, telling financial leaders gathered in Bali, Indonesia, that victory in a trade war would be pointless in a "sinking world."

Widodo's comments at the annual meeting of the International Monetary Fund and World Bank came as share markets rebounded after The Wall Street Journal and Washington Post reported that U.S. President Donald Trump and Chinese President Xi Jinping may meet at the Group of 20 summit in Buenos Aires, Argentina, late next month.

Much attention at the finance meetings in this tropical resort has focused on threats to growth from the uncertainty and disruptions associated with trade friction. A bout of turmoil in financial markets this week added to the sense of urgency over the issue.

Widodo, who often sprinkles his speeches with references to movies, underscored those worries in his opening speech as host of the IMF-World Bank meeting.

"The balance of powers and the alliances among major economies are breaking down. Weakness in coordination and cooperation has caused many problems, including the dramatic rise in the price of crude oil and turmoil in the currency markets of developing economies," he told the gathering of financial officials, central bank governors and experts.

Instead, attention should be focused on slowing growth and disruptions from new technologies that are turning many industries "upside down," he said.

In an allusion to the popular TV series "Game of Thrones," he said fighting among the "great houses" was distracting them from the threat of an "evil winter."

"Victory or defeat in wars always brings the same result — destruction," he said, drawing a standing ovation. "It's pointless to become the leading economy in a sinking world."

A Chinese foreign ministry spokesman, Lu Kang, offered no specifics about a potential Xi-Trump meeting, saying only that China had noted the reports and maintains "communication on dialogues and exchanges at all levels" with the U.S.

In a statement released Thursday, the senior American official in Bali, Treasury Secretary Steven Mnuchin, pointed to relatively strong U.S. economic indicators as evidence policies meant to nurture sustained growth are working.

He urged the IMF to identify countries that use economic, foreign exchange, and trade policies to "contribute to unfair competitive advantages."

The Trump "administration is committed to achieving a fair and reciprocal trading and investment relationship with all of our partners, including China," he said. "We welcome the IMF's work on tariff and non-tariff barriers, and we encourage the IMF to focus on less open trade regimes in order to play a constructive role in promoting global solutions."

Finance ministers and central bank governors of the Group of 20 industrial nations wrapped up their meeting in Bali with no major announcements.

Asked about the tussle between Washington and Beijing over technology policy and trade, Argentine Finance Minister Nicolas Dujovne said the G-20 does provide a ground for discussing such issues.

But he added, the "difference that persists should be resolved between those countries."

Friday's IMF-World Bank meeting began with a moment of silence for victims of recent disasters, including a Sept. 28 earthquake and tsunami that killed more than 2,000 people on another Indonesian island, Sulawesi, and left perhaps thousands buried in mud.

World Bank President Jim Yong Kim said the disasters were a reminder of the institution's mission of helping countries build resilience and deal with disasters, manage debt levels and invest in their people to prepare for the future, while helping to alleviate poverty and promote economic growth.

"Every day that you don't build human capital, your economy, and your country, will fall farther and farther behind," Kim said, noting that when he was born in 1959, South Korea, now an affluent manufacturing powerhouse, was among the poorest countries in the world, with a literacy rate of only 23 percent.

___

Associated Press writer Hau Dinh contributed to this report.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Financial Markets
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Indonesian president says trade wars too destructive
Indonesian President Joko Widodo says trade wars between big economies are an invitation to destruction
11:49PM ( 14 minutes ago )
Chiefs, Mahomes will get major test in New England
There can be no better measuring stick for the Chiefs and young quarterback Patrick Mahomes than what they face Sunday night. Beat the Patriots in Foxborough and all that excitement in Kansas City might be validated
11:45PM ( 19 minutes ago )
Asian markets mixed on strong Chinese trade data
Asian markets mixed on strong Chinese trade data
11:44PM ( 20 minutes ago )
Associated Press (AP)
The Latest: Georgia crops hit hard by Hurricane Michael
An insurance company that produces models for catastrophes is estimating Hurricane Michael caused about $8 billion in insured losses
9:50PM ( 2 hours ago )
India's #MeToo comes amid calls for 2013 law's enforcement
Indian actresses and writers are flooding social media with allegations of sexual harassment and assault, releasing pent-up frustration with a law that was lauded but critics say has done little to change the status quo
8:39PM ( 3 hours ago )
The Latest: Michael caused estimated $8B in insured losses
An insurance company that produces models for catastrophes is estimating Hurricane Michael caused about $8 billion in insured losses
8:14PM ( 3 hours ago )
AP Business
Stocks plunge again; Dow's two-day loss reaches 1,300 points
U.S. stocks tumble for the second consecutive day as the market's recent downturn gets worse
6:47PM ( 5 hours ago )
High-flying tech stocks at forefront of Wall Street's slump
Technology and internet stocks are leading Wall Street's recent downturn
6:31PM ( 5 hours ago )
In black neighborhoods, Trump's economic boasts ring hollow
The record low rate of black unemployment is one of President Donald Trump's favorite talking points, but it hasn't translated into broader economic gains
6:21PM ( 5 hours ago )
AP Business - Economy
Stocks swing between big gains and losses after big plunge
U.S. stocks are mostly lower in erratic trading a day after their biggest drop since February
1:05PM ( 10 hours ago )
Mortgage rates leap to 7-year highs; 30-year at 4.90 percent
Mortgage rates leap to 7-year highs; 30-year average at 4.90 percent
12:34PM ( 11 hours ago )
US stocks keep falling after worst loss in 8 months
U.S. stocks are falling again in unsteady trading one day after their biggest drop since February as banks and health care companies decline
12:07PM ( 11 hours ago )
AP Business - Financial Markets
Chiefs, Mahomes will get major test in New England
There can be no better measuring stick for the Chiefs and young quarterback Patrick Mahomes than what they face Sunday night. Beat the Patriots in Foxborough and all that excitement in Kansas City might be validated
11:45PM ( 19 minutes ago )
Asian markets mixed on strong Chinese trade data
Asian markets mixed on strong Chinese trade data
11:44PM ( 20 minutes ago )
Wentz throws 3 TD passes, Eagles look Super vs. Giants
Carson Wentz threw a season-high three touchdown passes and the Philadelphia Eagles got an early lift from their defense and special teams in beating the struggling New York Giants 34-13
11:43PM ( 21 minutes ago )
The Latest: Trump delivers a jaw-dropping WH performance
President Donald Trump says he's "open-minded" about stop-and-frisk policing
11:40PM ( 24 minutes ago )
Matthews scores 2 and helps Maple Leafs beat Red Wings 5-3
Auston Matthews scored twice for a league-leading nine goals to tie an NHL record after five games and help the Toronto Maple Leafs beat Detroit Red Wings 5-3
11:14PM ( 49 minutes ago )