Russia, China unite against US economic brinkmanship

Russian President Vladimir Putin and his Chinese counterpart, Xi Jinping, say the global economic system must change in such a way as to stop the United States from being able to exert economic pressure on world countries.

Presidents Putin and Xi criticized the “inequalities” in the global economic system and pledged to boost cooperation between their countries at the annual Saint Petersburg International Economic Forum (SPIEF) on Friday.

Putin said Washington was seeking to “extend its jurisdiction to the whole world” and condemned the “rhetoric of trade wars and sanctions,” calling for the reconsideration of the role of the US dollar in global trade.

The Russian leader also lambasted US pressure against Chinese tech giant Huawei, saying, “They (American officials) are attempting not just to squeeze but to unceremoniously push [Huawei] out of the global market.”

Speaking at the same session of the SPIEF, President Xi stressed the importance of taking steps to “overcome inequalities” in the global economic system.

“The aspirations of nations toward a better life cannot be stopped,” he said.

The US has imposed sanctions on Russia over allegations of interference in the Ukrainian conflict and in the US presidential election in 2016, both of which Moscow has denied. Washington has also initiated a trade war with China, and has been attempting to force Huawei out of the global market.

President Xi arrived in Moscow on Wednesday for a three-day visit. In the Russian capital, he described Putin as his “best friend.” The two countries have already signed dozens of commercial contracts in e-commerce, telecoms, gas, and other areas in the days since.

Other pacts have also been inked at the forum, including one on Friday between Russian and Chinese shipping firms to collaborate to develop Arctic Sea routes.

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