Trade based on American values runs counter to basic economic laws: Chinese FM

SUVA, May 31 (Xinhua) -- The U.S. attempted assessment of normal trade by whether it conforms to American values goes against basic economic laws, visiting Chinese State Councilor and Foreign Minister Wang Yi has said.

Wang made the remarks on Monday during a visit to Fiji, the fourth leg of his ongoing tour to Pacific island countries.

Regarding the U.S. recent launch of the so-called "Indo-Pacific Economic Framework" (IPEF) and claim of building a new order that is free, open and inclusive, Wang said, "However, without tariff reduction, how can an economic framework be free? Without market access, how can it be open? If China, the largest market in the region and even the world, is deliberately excluded, how can it be inclusive?"

In fact, the Chinese foreign minister noted, the United States is trying to confine other countries to its own standards and rules, and to start all over again outside of the multilateral trading system with the World Trade Organization at its core.

The U.S. move highlights its attempt to politicize, weaponize and even ideologize economic affairs, with assessing normal trade in goods by its own values, Wang said.

He stressed that the U.S. practice is doomed to failure as it goes against basic economic laws, imposes shackles on the free market, and runs counter to the trend of economic globalization featuring mutual exchanges and complementary advantages.