Trade restrictions having negative impact on global economy: UN chief

By Riyaz ul Khaliq

ISTANBUL (AA) - UN Secretary-General Antonio Guterres on Monday defended “free and fair trade,” warning that trade restrictions were having a “negative” impact on the global economy.

“Trade wars do not benefit anybody. Nobody wins with trade wars, and I think that the present restrictions on trade are having a negative impact on the global economy, ... essentially on developing countries,” Guterres said on the sidelines of the 47th ASEAN Summit in the Malaysian capital Kuala Lumpur.

He was responding to questions on the latest round of talks between the US and China, held in Kuala Lumpur over the weekend.

The US side said it reached a “very substantial” framework with the Chinese side for the upcoming summit of President Donald Trump and Chinese leader Xi Jinping.

US Treasury Secretary Scott Bessent said the two sides discussed agricultural purchases, TikTok, fentanyl, trade, rare earths, and the overall bilateral relationship.

“I hope that any trade negotiation that takes place is successful and contributes to the established regime in which trade is a facilitator of development, instead of an obstacle to development,” Guterres added.