Just in:
Near Miss at Kolkata Airport: IndiGo Plane Makes Contact with Stationary Air India Express // US reiterates concern over Kejriwal arrest, Cong accounts // Hullabaloo About Electoral Bonds May End Up As A Whimper Pre And Post Poll // Renewables Surge Sets Record, But Global Equity Lags // Sunshine’s Debut Features Leave Tech World Scratching Its Head // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // AI Boost for Galaxy Devices: Samsung Expands One UI 6.1 Update // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // Emirates Post Speeds Up Deliveries for GCC with Special Day // 2024 Lok Sabha Election Is A Historic Battle Against The Advent Of Fascism In India // Party Nominees Refusing To Contest: Major Perception Threat For BJP // Court Sides with Coinbase on Wallet Service, But Staking Program Remains in Limbo // Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // Arvind Kejriwal Gets International Heft Against The Deshi Vishwaguru // HSBC Streamlines Gold Investment for Hong Kong Residents with Tokenized Product // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // The World’s First & Wettest Party: “S2O Hong Kong Songkran Music Festival” proudly returns Get an immersive water and music experience on 8-9 June during Dragon Boat Festival long weekend at Central Harbourfront Event Space! // No running of govt from jail, says Delhi Lt Governor // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress //
HomeFT SelectG20 drops vow to resist all forms of protectionism

G20 drops vow to resist all forms of protectionism

bbf00a7e 0bea 11e7 a88c 50ba212dce4d

Finance ministers from the world’s biggest economies have dropped pledges to renounce protectionism in a meeting marked by tension over trade between the US and China.

G20 finance ministers meeting in the German resort town of Baden-Baden noted the importance of trade to the global economy, but dropped tougher language from last year that vowed to “resist all forms of protectionism”.

ADVERTISEMENT

We have reached an impasse

The new communique said: “We are working to strengthen the contribution of trade to our economies. We will strive to reduce excessive global imbalances, promote greater inclusiveness and fairness and reduce inequality in our pursuit of economic growth.”

The watered-down commitments on free trade reflected the anti-globalisation mood that Donald Trump has brought to Washington and came in the first G20 meetings between Steven Mnuchin, the new US Treasury Secretary, and his foreign counterparts.

While representatives from China were particularly vocal in urging forthright language on protectionism, the US was unwilling to comply, in a turnround from America’s traditional position as a standard-bearer for globalised capitalism.

Japan was said to be one of the few countries that struck a more supportive tone towards the US approach.

Wolfgang Schäuble, Germany’s finance minister, said: “It will take some time for the US finance ministry to come forward. It may be sensitive for some, for others less so. We really tried on all levels.

“We have reached an impasse,” he said. “That’s why at the end we said nothing on [avoiding protectionism], because it meant different things when we said we didn’t want protectionism.”

The mood from the US towards the G20 has shifted dramatically since the arrival of Mr Trump, whose America First economic strategy clashes with traditional promises that G20 leaders have willingly signed up to in the past. It heralds a harsher approach in US relations with its counterparts — as evidenced this week by the tense meeting between Mr Trump and Angela Merkel, the German chancellor, on Friday.

The haggling over the trade language went late into the meeting, underscoring strong feelings on both sides of the debate.

As late as noon on Saturday, there was speculation that the statement would make no mention of trade at all. The compromise was proposed by the Canadian delegation and backed by the presidency, held by the German delegation. Britain and other European delegations had sought strong language committing to a rules-based multilateral trading system.

However, several delegations wanted to avoid forcing the US Treasury into a corner so soon after Mr Mnuchin had taken office.

Via FT

ADVERTISEMENT

ADVERTISEMENT
Just in:
Renewables Surge Sets Record, But Global Equity Lags // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // Near Miss at Kolkata Airport: IndiGo Plane Makes Contact with Stationary Air India Express // Hope for Respite as UAE Endorses UN Plea for Gaza Truce // 2024 Lok Sabha Election Is A Historic Battle Against The Advent Of Fascism In India // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // In Lok Sabha Polls In Punjab, AAP Is Advantageously Placed As Against Its Three Rivals // Emirates Post Speeds Up Deliveries for GCC with Special Day // US reiterates concern over Kejriwal arrest, Cong accounts // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // Universal Language for Healthcare: General Authority Embraces Global Coding System // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress // German Job Market Resilience Bodes Well for Economic Recovery // Arvind Kejriwal Gets International Heft Against The Deshi Vishwaguru // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology //