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| We don’t need trade wars or trade ceasefires, we need trade peace – Putin | We don’t need trade wars or trade ceasefires, we need trade peace – Putin |
| (35 minutes later) | |
| The global economy is facing a threat of a spiraling protectionist measures that can lead to a devastating crisis, Vladimir Putin warned. Nations must find a way to prevent this and establish rules on how the economy should work. | The global economy is facing a threat of a spiraling protectionist measures that can lead to a devastating crisis, Vladimir Putin warned. Nations must find a way to prevent this and establish rules on how the economy should work. |
| The Russian president spoke out against the growing trend of using unilateral restrictions to achieve economic advantage, as he addressed guests of the St. Petersburg International Economic Forum (SPIEF) on Friday. | The Russian president spoke out against the growing trend of using unilateral restrictions to achieve economic advantage, as he addressed guests of the St. Petersburg International Economic Forum (SPIEF) on Friday. |
| “The system of multilateral cooperation, which took years to build, is no longer allowed to evolve. It is being broken in a very crude way. Breaking the rules is becoming the new rule,” he said. | “The system of multilateral cooperation, which took years to build, is no longer allowed to evolve. It is being broken in a very crude way. Breaking the rules is becoming the new rule,” he said. |
| Putin called for turning the tide and defending free trade and for a rules-based regulation of global economy, because otherwise the world may face a crisis unlike anything it has seen in a long time. He stressed that there is a need for transparent universal rules as well as an inclusive mechanism, which would allow those rules to be amended in a way that would be accepted by the international community. | |
| “We don’t need trade wars today or even temporary trade ceasefires. We need a comprehensive trade peace,” the president stressed. | |
| “Competition, clash of interests, has always been, is, and will always be, of course. But we must be respectful towards each other. The ability to resolve differences through honest competition rather than by restricting competition is the source of progress,” Putin added. | |
| The speech comes amid turbulent times for the global economy, in which the nationalist policies of US President Donald Trump have pitted America against other nations which his administration believes to be enjoying unfair advantages in trade. Trump has threatened China, European nations, Canada, and Mexico with trade restrictions, demanding the perceived misbalances be fixed. | |
| The US has also intensified its use of economic sanctions, targeting Russia, Iran, North Korea, and other nations with various punitive measures. | |
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