Reference News website reported on June 12 that according to a report by Agence France-Presse on June 11, European Central Bank President Christine Lagarde warned on the 11th that "coercive trade policies" may damage supply chains and the global economy. She called for easing the tariff deadlock that has cost markets billions of dollars.
She is one of the most influential central bank governors in the world. This week, she visited Beijing to hold talks with her Chinese counterparts about China's economy and expanding cooperation.
Her visit took place as high-level talks between China and the United States concluded in London. They reached an agreement to ease tensions sparked by the tariff blitz launched by U.S. President Trump in April.
Lagarde urged all parties to find solutions, even in the face of geopolitical divisions. She urged countries to protect the "multilateral framework" of international trade, which she said has "greatly benefited our economies."
She added: "Coercive trade policies are more likely to provoke retaliation and lead to a lose-lose outcome." She said: "All countries should study how to adjust their structures and fiscal policies to reduce their role in exacerbating trade tensions." She called for ending the escalation of "mutually destructive tensions."
She warned that protectionism could "erode the foundation of global prosperity."
The trade policies of Beijing and Brussels have been criticized by Trump. Last month, he threatened to raise tariffs on the EU if no rapid agreement was reached through negotiations.
The report also said that at the same time, China sought to improve its relationship with the EU, contrasting with Trump's approach. (Translated by Ma Dan)
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