China President Xi Jinping: 'No One Will Emerge As Winner In a Trade War'

By Sara Sjolin Markets MarketWatch Pulse

In a speech that could well be aimed at Donald Trump, Chinese President Xi Jinping on Tuesday lauded globalization and warned against the dangers of closing the door on trade with other nations. Speaking at the opening plenary at the World Economic Forum in Davos, Xi warned that "no one will emerge as a winner in a trade war," and he urged other nations to say no to protectionism. "Pursuing protectionism is like locking oneself in a dark room. Wind and rain may be kept outside, but so is light and air," he said in the speech, which was live translated by an interpreter. The remarks come before U.S. President-elect Donald Trump takes office on Friday. Trump has pledged to slap tariffs on Chinese goods to bolster U.S. manufacturing.

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