G20 sees need for 'dialogue,' fails to defuse trade war threat

22 March, 2018, 01:38 | Author: Darnell Patrick
  • Finance Minister Mohammed Al Jaddan will participate in the first G20 Finance Ministers & Central Bank Governors Meeting in Buenos Aires. — Courtesy

The Buenos Aires meeting of finance ministers and central bank governors of the world's 20 biggest economies was meant to discuss a brightening economic outlook, the future of work, cryptocurrencies like Bitcoin, and corporate tax avoidance.

"We need to be prepared to act in the USA interest, again, to defend free and fair, reciprocal trade", he said in a press conference after the talks, adding that there was always a risk that others would reciprocate.

"Strong fundamentals, sound policies and a resilient worldwide monetary system are essential to the stability of exchange rates, contributing to strong and sustainable growth and investment", the draft communique said.

It also said G20 finance ministers stood by an agreement reached by their leaders in July a year ago in Hamburg.

G20 officials fretted about the dangers that a potential trade war posed to world economic growth.

The Hamburg agreement, signed by all G20 leaders including Trump, said G20 countries would fight protectionism including all unfair trade practices, although it also said they recognise the role of "legitimate trade defence instruments".


"I told the G20 we need to send a joint message on this point, and our view was taken into account in the communique", Japan's vice finance minister Minoru Kihara told a briefing on Tuesday after attending the G20 finance leaders' gathering. Yet the USA can also argue its tariffs are a "legitimate trade defence instrument". Protectionism could damage growth, he added.

Many U.S. allies, including the European Union, have sought the same exemptions that Trump has granted to North American neighbors Canada and Mexico, with some G20 ministers raising the issue with Mnuchin.

"It is of the utmost importance to avoid any unilateral choice that might jeopardize our growth".

Mnuchin said he has had very direct conversations with his counterparts in China and that he looks forward to working with Liu He, China's newly-installed, Harvard-educated vice premier in charge of financial and industrial policy, on getting better access to the Chinese market.

The meeting was expected to call for stricter monitoring of cryptocurrencies, the decentralized and anonymous nature of which can turn them into "a potentially major new vehicle for money-laundering and financing of terrorism", according to the International Monetary Fund.

But they also noted that such assets raise issues related to consumer and investor protection, market integrity, tax evasion, money laundering and terrorist financing.

Recommended:



Popular

Harjeet Masih had changed name, taken Bangladeshi visa: Sushma
If your sources have been saying they were alive and now suddenly what happened. "With full proof I can say these 39 are dead. In her suo motu statement in the Rajya Sabha, Swaraj said that she would "not declare anyone dead without substantive proof".

Google Shopping wants to take a commission from retailers
With Alexa sending shoppers to Amazon , Google Home Assistant will place search queries into a Google Express Shopping cart. According to its data, mobile searches for "where to buy" grew over 85% over the past two years.

The Cleveland Browns must draft a Quarterback with the top pick
The Cleveland Browns are going to select Josh Allen; the quarterback who is not as refined as his peers but has a lot of upside. Mayfield also has the leadership qualities that could help to reverse the revolving door trend of quarterbacks in Cleveland.

Look! 'Black Panther' Tops The Box Office For The 5th Weekend Straight
We may have to wait for Steven Speilberg's Ready Player One before we see a new face at the top of the North American Box office . Ross and members of the Dora Milaje, Wakandan special forces, to prevent Wakanda from being dragged into a world war.

More snow and weather warnings as 'mini beast from the east' arrives
Met Office meteorologist Alex Burkhill said: "It will be bitterly cold with some snow for many places over the weekend". He said: "We don't expect anything like the same impact as a result of it, although there will be some snow about".

Canada: Trump speaks to Trudeau over phone, stresses on fast NAFTA deal
Trudeau would not specify what actions the federal government will take to shut out offshore steel. The prime minister says restricting Canadian steel imports would hurt the American economy.

FBI's Andrew McCabe Might Be Fired Days Before Retirement
Trump has pressured Attorney General Jeff Sessions ― another frequent target of Trump's wrath ― to get rid of McCabe. The situation now seems fraught for all involved.

Kirk Cousins will agree to deal with Vikings
The 29-year-old quarterback was drafted by Washington in 2012 - the same year they took Robert Griffin III second overall. The following year, Cousins reached the Pro Bowl after finishing with 4,917 yards, 25 touchdowns and 12 interceptions.

49ers fans have concerns about Richard Sherman jumping from Seahawks
The vote is in from the guy who feels the Richard Sherman departure more than anyone in Seattle. Right now, the San Francisco 49ers' arrow is pointed in an unmistakably upward direction.

49 killed in Nepal plane crash
He said the pilot, who initially survived the accident but succumbed to his injuries Tuesday, was a former air force officer. The US-Bangla Airlines plane was carrying 71 people and burst into flames as it landed on Monday, according to reports.