g20 summit acquiesces to us drops freetrade pledge
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

G-20 summit acquiesces to US, drops free-trade pledge

Arab Today, arab today

Arab Today, arab today G-20 summit acquiesces to US, drops free-trade pledge

Franceís Finance Minister Michel Sapin and Bank of France governor Francois Villeroy
Baden-Baden - Arab Today

Financial leaders of the world’s biggest economies dropped a pledge to keep global TRADE FREE and open, acquiescing to an increasingly protectionist US after a two-day meeting failed to yield a compromise.
Breaking a decade-long tradition of endorsing open trade, G-20 finance ministers and central bankers made only a token reference to trade in their communique on Saturday, a clear defeat for host nation Germany, which fought the new US government’s attempts to water down past commitments.
In the new US administration’s biggest clash yet with the international community, G-20 finance chiefs also removed from their statement a pledge to finance the fight against climate change, an anticipated outcome after US President Donald Trump called global warming a “hoax.”
In a meeting that some said was at times 19 against one, the US did not yield on key issues, essentially torpedoing earlier agreements, as the G-20 requires a consensus. Still, the dialogue was friendly and non-confrontational, leaving the door open to a future deal, officials who attended the meeting said.
“This is my first G-20, so what was in the past communiqué is not necessarily relevant from my standpoint,” US Treasury Secretary Steven Mnuchin said.
“I understand what the president’s desire is and his policies, and I negotiated them from here,” Mnuchin said. “I could not be happier with the outcome.”
Seeking to put “America First,” Trump has already pulled out of a key trade agreement and proposed a new tax on imports, arguing that certain trade relationships need to be reworked to make them fairer for US workers.
“We believe in free trade, we are in one of the largest markets in the world, we are one of the largest trading partners in the world, trade has been good for us, it has been good for other people,” Mnuchin said. “Having said that, we want to re-examine certain agreements.”
International trade makes up almost half of global economic output and officials said the issue could be revisited at a meeting of G-20 leaders in July.
While some expressed frustration, like French Finance Minister Michel Sapin, others played down the dispute.
“It is not that we were not united,” German Finance Minister Wolfgang Schaeuble said. “It was totally undisputed that we are against protectionism. But it is not very clear what (protectionism) means to each (minister).”
He added that some ministers did not have a full mandate to negotiate since they were not fully in charge of trade issues.
Others suggested that the G-20 leaders’ meeting in Hamburg this July could be the real opportunity to bring the US on board.
“It is not the best meeting we had, but we avoided backtracking,” EU Economic Affairs Commissioner Pierre Moscovici said. “I hope in Hamburg the wording will be different. We need it. It is the raison d’etre for the G20,” Moscovici said.
The communique also dropped a reference, used by the G-20 last year, on the readiness to finance measures against climate change as agreed in Paris in 2015.
Trump has suggested global warming was a “hoax” concocted by China to hurt US industry and vowed to scrap the Paris climate accord aimed at curbing greenhouse gas emissions.
Leaders also upheld their commitments to financial sector regulation, supporting the finalization of bank rules known as Basel III, provided they do not significantly raise overall capital requirements.

Source: Arab News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

g20 summit acquiesces to us drops freetrade pledge g20 summit acquiesces to us drops freetrade pledge

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

g20 summit acquiesces to us drops freetrade pledge g20 summit acquiesces to us drops freetrade pledge

 



GMT 05:50 2017 Tuesday ,15 August

20 killed in Takhar funeral attack

GMT 04:51 2017 Thursday ,13 April

Huda Kattan among top 10 beauty influencers

GMT 09:44 2018 Saturday ,06 January

Aoun to deliver speech in Rome this afternoon

GMT 09:14 2017 Saturday ,30 December

London stocks end year on record high

GMT 11:47 2017 Monday ,11 December

France's rightwing shifts after Macron victory

GMT 04:49 2013 Monday ,27 May

Feng Shui living room concepts

GMT 19:45 2017 Wednesday ,18 January

The UAE Releases Global State of the Future Report

GMT 23:40 2017 Wednesday ,18 October

OIC condemns terrorist attack in Jeddah

GMT 16:41 2017 Saturday ,18 February

FBMA International Show Jumping Cup 2017 competition

GMT 17:43 2017 Tuesday ,14 February

Spanish activists taken to court over BDS activism

GMT 21:37 2017 Sunday ,02 July

Religious tourism lottery to be held on Monday

GMT 15:27 2017 Saturday ,24 June

US imposes ban on fresh Brazil beef imports

GMT 06:07 2017 Tuesday ,24 October

Air Force set to create new ISR unit with Global Hawk

GMT 03:49 2017 Thursday ,22 June

Dalai Lama says will visit Trump

GMT 03:52 2017 Sunday ,15 January

Drydocks World and GDRFA sign MoU partnership
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday