At the sidelines of the 17th BRICS Summit, Chinese premier Li Qiang met with World Trade Organization Director-General Ngozi Okonjo-Iweala to address growing trade tensions.
"The global trade landscape has undergone significant changes due to intensified unilateralism and protectionism, which have severely impacted the international economic and trade order," Li said, pointing to a rise in U.S. tariffs as a key stress point.
For business leaders and tech startups, these moves can translate into higher component costs and disrupted supply chains. Yet, Li's message was clear: "Faced with U.S. tariff pressure, China stands firm in defending its own rights and interests and in upholding international fairness and justice."
Breaking it down: unilateralism refers to one country acting alone – think sudden tariffs or trade bans – while protectionism is about shielding local industries with duties and quotas. Together, they can erode the multilateral framework set by WTO members over decades.
Why it matters globally: From entrepreneurs sourcing parts for the next big app, to sustainable travel planners navigating shifting costs, the impact of these trade dynamics extends far beyond boardrooms.
As BRICS leaders convene, all eyes are on whether these talks will pave the way for renewed cooperation or deepen existing divides. For a generation plugged into the pulse of world events, the outcome will shape not just tomorrow's headlines, but the very fabric of global commerce.
Reference(s):
Premier Li: China firm on rights, fairness amid U.S. tariffs
cgtn.com
