Indonesia's President Joko Widodo delivers his speech during the opening of International Monetary Fund (IMF) World Bank annual meetings in Bali, Indonesia on Friday, Oct. 12, 2018. (AP Photo/Firdia Lisnawati)

Indonesian president says trade wars too destructive

October 11, 2018 - 10:49 pm

NUSA DUA, Indonesia (AP) — Indonesian President Joko Widodo has taken aim at tensions between big economies like the U.S. and China, saying trade wars are an invitation to destruction.

Widodo said sparring between big powers was causing turmoil in financial markets at a time when attention should be focused on slowing growth and disruptions from new technologies.

He spoke Friday at a meeting of the International Monetary Fund and World Bank in Bali, Indonesia, that comes amid an unnerving spate of turmoil in world financial markets.

In an allusion to the popular TV series "Game of Thrones," Widodo said victory is pointless in a "sinking world."

Finance ministers and central bank governors of the Group of 20 industrial nations were due to issue a statement on their talks later Friday.

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