ASIAN LEADERS FAULT US

Vietnam's Prime Minister Nguyen Xuan Phuc, left, and World Economic Forum's
 founder and executive chairman Klaus Schwab wait for the arrival of guests

A top Chinese official and leaders of several Southeast Asian countries said Wednesday that moves by the US to limit trade and protect American businesses pose a grave threat to the world economy.

Uncertainty and destabilization factors threaten to undermine growth, Chinese Vice Premier Hu Chunhua said at a World Economic Forum meeting in Hanoi, convened as Washington and Beijing have imposed penalty tariffs on tens of billions worth of each other's products in an escalating trade conflict.

Hu, like the others did not mention President Donald Trump by name but said some countries  ''protectionist and unilateral measures are gravely undermining the rules-based regime, posing a most serious threat for the world's economy.''

The consensus of speakers at the gathering in Vietnam's capital, focused on how Southeast Asia will cope with the so-called ''Fourth Industrial Revolution'' - a shift to automation and artificial intelligence that threaten models for growth based on low-cost manufacturing - was that opening markets further is the only option for future growth.

''History teaches us that self-isolation leads nowhere,'' Hu said. ''Openness and cooperation are the only correct choice.''

The economy of Vietnam has boomed as companies like Honda and Samsung have set up big production bases, making the country a major exporter but also leaving it vulnerable to trade friction.

Indonesian President Joko Widodo drew laughs by likening trade wars to  ''infinity wars''  in a reference to this year's movie  ''Avengers :  infinity War,'' based on Marvel's comics.

Singapore's Prime Minister, Lee Hsien Loong, like wise said the 10 members of the Association of Southeast Asian Nations would work to keep markets and investments open and protect the ''rules based'' trading system. [Agencies]