Tariffs lead 'only to collective defeat,' Spanish premier says at G20

LONDON

The Spanish prime minister on Saturday expressed concern over trade disruptions, fragmentation of the supply chain and rising protectionism, saying tariffs lead “only to collective defeat.”

Speaking at the G20 summit in Johannesburg, Pedro Sanchez said that the summit is taking place at a time of "deep uncertainty" for the global economy, sustainable development and multilateralism.

Citing a recent report by a Spanish think tank suggesting that more than 22 million people could die all over the world by 2030 due to cuts in official development assistance, he said those figures are "truly horrifying."

"Trade disruptions, fragmentation of supply chain and rising protectionism are eroding the foundation of global growth, and they need to be urgently tackled," Sanchez underlined.

He went on to say that tariffs are not a weapon but a barrier.

"Industrial over-capacity and unfair competition are real challenges, both for advanced and developing countries, but responding to them with tariffs leads only to collective defeat," warned the prime minister.

Sanchez also highlighted the need to stand by the principles of the UN Charter, "everyone, everywhere, at all times, be it in Ukraine or in Palestine," saying that this means defending sovereignty, independence and territorial integrity and ensuring strict compliance with international humanitarian law.

The G20 leaders’ summit opened on Saturday in Johannesburg as delegates gathered for two days of talks.

The US, a founding member of the G20, has boycotted this year’s summit, which is taking place with the theme of "solidarity, equality, sustainability."

Established in 1999, the G20 comprises 19 countries and two regional bodies – the EU and the African Union.