G20 fails to agree on free trade endorsement

19 March, 2017, 18:08 | Author: Oscar Goodwin

Finance ministers from countries including China, Australia, Germany and France "caved into pressure" and agreed to a revision in the world trade policy that "experts warned could make it easier for countries to erect damaging tariffs", according to the Australian Finance Review.

The economic policymakers of the Group of 20 leading countries wrapped up their gathering in Baden-Baden in Germany on Saturday, but failed to reject protectionism, reportedly due to strong opposition from the USA under trade protectionist President Donald Trump. The WTO operates a system of negotiated trade rules and serves as a forum for resolving disputes.

After the meeting, the USA said it still believed in free trade but wanted to correct some excesses. "He's getting around, he's getting to know his colleagues, I think he sent some very positive messages in terms of engaging all the economies". In a reversal of roles, Beijing has been defending free trade and urging Washington to refrain from protectionist measures. We do not want unfair competition.

Both China and Germany have found themselves in the crosshairs of USA criticism over their massive trade surpluses.

His policies includes penalties for companies which manufacture their products overseas.

Trump, who campaigned on an "America First" platform, has already pulled the USA out of a proposed free trade deal with Japan and other Pacific Rim countries.

His stance has been condemned by Washington's trading partners, and led Beijing to issue a stern warning against sparking a trade war.

Mnuchin said the U.S. would work with global partners but review trade deals that disadvantage the U.S.: "It's free trade, balanced trade and fair trade". He also rejected a description of his policies as "isolationist".

French Finance Minister Michel Sapin expressed "regret that our discussions today were unable to reach a satisfying conclusion on two absolutely essential priorities", trade and climate. Suggesting a go-it-alone approach may now be less likely.

The meeting's host, German Finance Minister Wolfgang Schaeuble, told reporters that "no one has mentioned protectionism" and that the statement was about "the right formulation regarding the openness of the world economy".

The ministers and central bank chiefs of the G20 countries ended talks in the German town of Baden Baden on Saturday, making only a token reference for the need to strengthen the contribution of trade to the economy.

The exclusion of climate marked a new setback for environmental action, activists say, after Mr Trump proposed to take the axe to environmental financing.

Under his first national budget proposal, he suggested cutting financial resources for the Environmental Protection Agency (EPA) by a third, as well as eliminating contributions linked to United Nations climate change programs. Hurting U.S. industry has been the result of climate change protocols, but I don't believe it was China's idea.

Mr Trump's stance on climate change also sat uneasily with the rest of the room, as sources say the USA delegation is resisting wording in the final communique on the issue.

Recommended:

  • Ryan: Health Bill Owes More to Older Americans

    Ryan: Health Bill Owes More to Older Americans

    Republicans, however, do not expect wholesale changes to the bill before it reaches the House floor next week. Part of the confidence stems from President Trump's involvement in "helping us close this bill", Ryan said .
    Don't sledge Wriddhiman Saha, Australia learn their lesson the hard way

    Don't sledge Wriddhiman Saha, Australia learn their lesson the hard way

    Ajinkya Rahane came to support Pujara, who continued his patient game braving the pace attack of Cummins and Hazelwood. Glenn Maxwell was barely used, so in this beyond-the-spectrum situation Australia relied on their four main bowlers.
    A Guide: What Trump's Slash And Burn Budget Means For The Poor

    A Guide: What Trump's Slash And Burn Budget Means For The Poor

    The budget blueprint that President Trump released on Thursday would cut the budgets of the State Department and the U.S. Mulvaney said a lot of the programs to be cut "sound great" but " a lot of them simply don't work", he said.
  • G-20 grapples with differences on trade

    The outcome marked a win for Trump, whose "America First" agenda and anti-globalization rhetoric has spooked allies. The G20 might also drop their explicit endorsement to finance counter climate change efforts, the draft showed.

    Zacks Rank on PacWest Bancorp (PACW) based on Estimated Earnings

    The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website . Experts at Zacks have given it a short term rating of 2, which means that the investors can Buy for the short term positions.U.S.

    'All Options On the Table' Not a Novel Policy on North Korea

    The Korean War ended with an armistice, not a peace treaty, which means the Korean Peninsula remains in a technical state of war. He is flying this week without the usual contingent of journalists who normally cover the secretary of state.
  • FHP trooper struck by vehicle  on Dolphin Expressway

    FHP trooper struck by vehicle on Dolphin Expressway

    Florida Highway Patrols said the driver stayed on scene after the accident and is cooperating with investigators. The Worcester Telegram & Gazette reports that Rosario is a graduate of Burncoat Senior High School in Worcester.

    Steve Kerr: Ball brothers would benefit from LaVar's silence

    Lonzo Ball and Aaron Holiday each had 15 points for UCLA, which will face No. 6 seed Cincinnati in the second round on Sunday. But, no matter how LaVar carries himself as a sports parent, one thing remains: people are talking about the Ball family.
    Economic blockade likely to end today

    Economic blockade likely to end today

    The blockade which was imposed by the United Naga Council (UNC) on November 1 past year has been in force since then. It was also agreed that the central govt, the govt of Manipur and the UNC leaders would again meet within a month.
  • Yogi Adityanath sworn in as UP CM; heads 47-member team

    Yogi Adityanath sworn in as UP CM; heads 47-member team

    Outgoing chief minister Akhilesh Yadav and his father and Samajwadi Party founder Mulayam Singh Yadav also attended the function. The outfit, is considered to have played a vital role in ensuring his meteoric rise - from a student leader to five-time MP.
    US Treasury urges Congress to increase debt limit

    US Treasury urges Congress to increase debt limit

    Congress is likely to vote in a timely fashion to suspend or raise the federal debt limit", the rating agency said in a statement. A deal in November 2015 to suspend the federal borrowing cap, which would be just under $20-T, will end next Wednesday.
    MS Dhoni's mobile phones stolen from Delhi's 5-star hotel

    MS Dhoni's mobile phones stolen from Delhi's 5-star hotel

    Jharkhand were in the capital for the Vijay Hazare Trophy - which they ended up exiting in the semi-finals, losing to Bengal. Later after the fire was doused, he got back to his room and noticed that his mobile phones were missing, the police said.


Popular

Middlesbrough Struggling club axe Karanka
There have been a number of managers linked with succeeding Karanka - including former Leicester and Derby manager Nigel Pearson. However the Spaniard's tenure was also marred by his criticism of the club's fans and reports of dressing room unrest.

Chinese President Xi Jinping meets US Secretary of State Rex Tillerson
President Trump has accused North Korea of "behaving very badly" and says it has been "playing" the United States for years. In South Korea, he upped the ante by announcing that the use of military force against North Korea is an option .

People coming together for creation of new India: Modi
Over 70 per cent of medical devices come from overseas , we are trying to bring down that percentage through Make in India initiative".

Turkey Widens War of Words to Include All of EU
Turkish officials have been campaigning among emigre Turks in Germany and the Netherlands to promote the referendum. Turkey has also suggested that it may retaliate by pulling out of a year-old deal to help curb migration to Europe.

Man Detained After Reportedly Jumping Bike Rack Near White House Fence
Tran faces up to 10 years in prison for the intrusion, the latest in a series of high-profile failures within the Secret Service . A man was detained on Saturday afternoon after he jumped over an outer barrier surrounding the White House .