China's Top Diplomat Rebukes Trump's Trade Policy at UN

(Bloomberg) -- Chinese Foreign Minister Wang Yi rebuked President Donald Trump’s trade strategies at the annual United Nations General Assembly Friday saying "protectionism will only hurt oneself," as the world’s two largest economies are mired in growing trade conflicts.

Without naming the U.S. or its president, Wang told the 73rd UN General Assembly that China will seek resolution of trade conflicts through "dialogue and consensus" and will not give in to external pressure.

"Unilateral moves will bring damage to all," Wang said in Chinese through a translator. "China will not be blackmailed or yield to pressure."

Earlier this week in his speech to the General Assembly, Trump accused China of trade abuses and intellectual property theft. Chairing a Security Council meeting, Trump also stated that China is attempting to interfere in the 2018 midterm congressional elections in November and alleged Beijing seeks to help his opponents, an allegation immediately denied by Wang.

In his UN speech, Wang also said global trade should be centered at World Trade Organization and China will not shut its door on trade.

Speaking earlier in the day at the Council on Foreign Relations, Wang said China did not and will not copy foreign patents and such "untrue" accusations that China is stealing U.S. technology should stop.

It is "a serious strategic misjudgment" to believe that China is trying to displace the U.S. as top global power, he said.

He also called for calm regarding the latest frictions in the U.S.-China relationship. "It is no cause for panic," he told audiences at the New York-based think tank.

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