Asian stocks lower after G20 drops anti-protectionism pledge

20 March, 2017, 17:53 | Author: Leticia Walters
  • Caption President of the German Central Bank Jens Weidmann center talks to US' Federal Reserve Board President Janet Yellen left and U.S. Treasury Secretary Steven Mnuchin during the G20 finance ministers meeting in Baden-Baden southern Germany

The world's top economic powers dropped a pledge to oppose trade protectionism after push-back from President Donald Trump's administration, which wants trade to more clearly benefit American companies and workers.

The U.S., represented by Steven Mnuchin in his first appearance at an worldwide forum as Treasury Secretary, argued that trade arrangements need to be made fairer, in line with the administration's claims the U.S. has had a bad deal from the current setup.

The outcome marked a win for Trump, whose "America First" agenda and anti-globalisation rhetoric has spooked allies.

It is also a sad day for environmentalists, as the fight to control climate change can stifle without the support of G20 countries. China has started to talk the talk on free trade, even if it is a way off from walking the walk, while President Trump won the U.S. election in part because of a commitment to protectionist policies.

"It was totally undisputed that we are against protectionism".

"I can not overstate the importance of avoiding any rollback on this", he said, adding he hopes the G-20 leaders' summit in July produces a stronger commitment against protectionism."I hope, and I think we need it". "There wasn't a G-20 disagreement, there was disagreement within the G-20 between a country and all the others".

The U.S. delegation, led by Treasury Secretary Steven Mnuchin, wanted a reference on the need for trade to be "fair" while China, a previously unlikely champion in such matters, led a defense of the existing rules-based regime under the World Trade Organisation. While some expressed frustration, like French Finance Minister Michel Sapin, others played down the dispute.

"You make people come to you by laying out a strident position", Schmitt said, summing up the approach Trump has used for years in real estate and business. "But it wasn't clear what one or another meant by that", he said.

Yet despite the isolationist and anti-globalisation rhetoric from the United States administration, the implementation of protectionist policies and reality of trade wars are not immediate concerns, analysts say.

Instead they chose to give some space to him and Trump's new administration to refine their trade views in the hopes for moderation by the time Germany hosts a G20 leader's summit in July.

The new U.S. Treasury secretary quickly became the "center of attention" at the gathering, Canada's Morneau said in an interview.

"Right now I would say the negotiators for Germany have done a far better job than the negotiators for the US", Mr Trump said. He however preferred a more selective "free" trade policy and considered a review of some prevailing trade agreements.

Recommended:

  • White House Backtracks On UK 'Wiretapping' Accusations

    This claim was not based on conclusive intelligence, but, rather, on Trump's wild extrapolations from news reports he misread. We signed a trade agreement with Canada and I hope that we might get into a situation here where we can reopen the talks.
    Rita's giving away free Italian ice on first day of spring

    Rita's giving away free Italian ice on first day of spring

    Each visitor is entitled to a free Italian ice on the first day of spring, but don't try to send a friend to get some for you. For the past 25 years, Rita's Italian Ice has offered up a free cup of ice on the first day of spring.
    McDonalds India's delivery app was a golden honeypot

    McDonalds India's delivery app was a golden honeypot

    The statement added, "As a precautionary measure, we would also urge our users to update the McDelivery app on their devices". However Fallible claims that this fix did not solve the over-riding issue, with the affected server still leaking data.
  • Former Niners receiver says he has ALS

    Former Niners receiver says he has ALS

    Dwight Clark announced he has Lou Gehrig's disease and suspects playing football might have caused the illness. In his statement , the 60-year-old Clark said he began feeling weakness in his left hand in September 2015.
    46 not out - Bayern continue home scoring streak against Frankfurt

    46 not out - Bayern continue home scoring streak against Frankfurt

    Lewandowski scored his 33rd goal this season - his 21st in the league - when he slotted home from a tight angle after the break. Lewandowski would add a second goal in the second half and come close to finalizing a hat trick on multiple occasions.

    Prospect of Turkey's accession to European Union more unlikely: Germany

    Mr Kahl said the Turkish government's purges of suspected Gulen supporters after the coup attempt would have taken place in any case.
  • Plane crashes in South Sudan with dozens aboard

    Plane crashes in South Sudan with dozens aboard

    Firefighters rushed to the scene and pictures show the burned out wreckage of the plane with just the tail fin visible. Witnesses have said that smoke was seen coming from the back of the plane before it crashed and bursted into flames.
    NBA roundup: Harden, Rockets top Cavs

    NBA roundup: Harden, Rockets top Cavs

    McCollum scored 26 and Jusuf Nurkic picked up another double-double with 12 points and 11 rebounds despite battling foul trouble. Harden scored a game-high 38 points and added 10 rebounds and 11 assists as Houston split the season series with Cleveland.

    Brazilian firms accused of bribing inspectors to keep rotten meat on market

    Mr Chung added that Singapore imports some 70 per cent of its frozen chicken from Brazil, but this is not the case for beef. Wrongdoings would also include repackaging of expired products and the export of cargoes tainted with salmonella.
  • Lawmakers seek FBI, NSA answers on Trump, Russia at rare public hearing

    Nunes was asked if there was any evidence of collusion between the Trump campaign and Russian Federation . The British government objected and the Trump administration pledged not to use the claim again.

    Scots are exhausted of never-ending referendums

    There's always one politician who can inflame passions in Scotland , even if she does it from the grave. Support for Scottish independence is lower than the last referendum in 2014, according to a new poll.
    NFL Manager: 70 Percent of Teams 'Genuinely Hate' Free-Agent Kaepernick

    NFL Manager: 70 Percent of Teams 'Genuinely Hate' Free-Agent Kaepernick

    After the season-long protest, the quarterback announced he would stand during the national anthem in the upcoming season. While he left NY without a contract in place, it is expected that the Jets and McCown will continue to work on a deal.


Popular

Juventus 2 Milan 1 - Records and hope remain for both sides
Later, Miralem Pjanic's free-kick was turned onto the bar by Donnarumma and Leonardo Bonucci's header was diverted off target. Ben Gladwell reports on Serie A, the Italian national team and the Bundesliga for ESPN FC , UEFA and the Press Association.

BVB boss Tuchel receives request from Arsenal
Despite his success in Germany, the Premier League club are firmly denying the rumours and remain adamant that a mutual decision between Wenger and the club will be made soon.

Chesapeake Energy Corporation (NYSE:CHK) & Mastercard Inc (NYSE:MA) Worth Watching Stocks
The current share price indicate that stock is -51.46% away from its one year high and is moving 19.49% ahead of its 52-week low. According to Thomson Reuters , sell-side analysts are forecasting a harmony target price of $1,575,840.00 on company shares.

Hindu firebrand Yogi Adityanath picked as Uttar Pradesh chief minister
He studied under the chief priest of Gorakhpur's Gorakhnath Temple, Mahant Avaidyanath, who was also a four-time parliamentarian. Prasad also mocked Modi for not being invited to the swearing-in ceremony of the new Uttar Pradesh (UP) chief minister.

North Korea rocket-engine test shows 'meaningful' progress: South Korea
The development, not confirmed elsewhere, comes as US Secretary of State Rex Tillerson visits China - Pyongyang's main ally. Trump made the comments to reporters while departing his Mar-a-Lago resort in Florida, where he spent the weekend.