G20 ministers call for further talks on trade issues

Vastavam Web: The world’s financial leaders on Tuesday reaffirmed their commitment to fighting protectionism but called for “further dialogue and actions” on trade, just days before U.S. metals tariffs take effect and U.S. President Donald Trump readies sanctions on China.Finance ministers and central bankers of the world’s 20 biggest economies, the G20, issued the change to their communique as a two-day meeting in Buenos Aires drew to a close amid worries about the potential for a global trade war.

“International trade and investment are important engines of growth, productivity, innovation, job creation and development,” the G20 said. “We reaffirm the conclusions of our leaders on trade at the Hamburg Summit and recognize the need for further dialogue and actions. We are working to strengthen contribution of trade to our economies.”

Many G20 officials fought hard at the meeting to preserve language from the Hamburg Summit, which was signed by Trump in July 2017, which said that G20 countries would “continue to fight protectionism including all unfair trade practices.”The new G20 language on the need for trade dialogue comes as Trump is readying plans to punish China with tariffs over its intellectual property practices.

Two officials briefed on the matter said Trump is expected to unveil tariffs on up to $60 billion in Chinese technology and telecoms products by Friday, the same day when a tariff of 25 percent on imported steel and 10 percent on aluminum are to apply.