News Worms
News Worms


The G20 is letting the U.S. play out its protectionist trade strategy

The G20 is letting the U.S. play out its protectionist trade strategy

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 USA election in part because of a commitment to protectionist policies.

In an interview during the meeting, as doubts spread that trade might not be mentioned at all, Mr Morrison said its absence "would not reflect well on what we are doing here, and I don't think it would reflect the will of the economies that have gathered here".

African Ministers from Côte d'Ivoire, Morocco, Rwanda, Senegal and Tunisia were invited to the G20, where they each delivered presentations on their country's macroeconomic environment, reform initiatives and investment projects, the National Treasury said in a statement on Monday. Both changes came about at the behest of the U.S. delegation, backing other G-20 members into a corner.

Mnuchin said the administration would be looking at relationships where the USA was buying more than it could sell to its partner and would be more aggressive in seeking the enforcement of existing rules that would benefit US workers through the Geneva-based World Trade Organization.

Canada took a middle approach in the talks, urging a statement supporting free trade but not taking a position on specific wording. "Everyone else has the same lens, but every other country has the advantage of being at the previous meeting".

China will work actively with parties concerned to push forward the financial cooperation among the BRICS countries and make more achievements, China's finance minister and central bank chief have said.

European countries and China were said to be pushing for a stronger stance in favor of free trade and cooperative, multi-country frameworks for trade such as the World Trade Organization.

U.S. Treasury Secretary Steven Mnuchin pushed for the G20 to abandon last year's pledge to "avoid all forms of protectionism".

It is the first meeting between Xiao and Mnuchin.

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.

While delegates greeted Mnuchin and said that he had been engaged in the process, they said he didn't elaborate on how the USA considers itself to be treated unfairly.

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