[ad_1]
BUENOS AIRES, Argentina – The world's top financial leaders on Sunday called for more dialogue on trade disputes that threaten global economic growth, warning that differences remain and tensions could escalate.
and the central bankers of the Group of 20 nations came in as clashes of the United States with China and other nations on trade, with nations imposing tariffs on billions of dollars goods from each other.
A final statement says that although the global economy remains strong, growth is becoming "less synchronized" and risks in the short and medium term are increasing.
"These factors include growing financial vulnerabilities, increased trade and geopolitical tensions, global imbalances, inequities, and structurally weak growth, particularly in some advanced economies. savings, "the statement said. "We recognize the need to intensify dialogue and actions to mitigate risks and build confidence."
On Friday, President Donald Trump renewed his threat to finally impose tariffs on a total of $ 500 billion in imports from China. equal to all the goods that Beijing ships annually to the United States. The White House also listed $ 200 billion of additional Chinese imports that could be subject to customs duties.
The United States also imposed 25% duty on aluminum, including from Europe. China, the European Union, Canada, Mexico and Turkey counterbalanced taxes on US products. EU tariffs on American products include Harley-Davidson motorcycles, cranberries, peanut butter, playing cards and whiskey.
The Commissioner for Financial Affairs of the EU, Pierre Moscovici, warned that these disputes are a threat. , is good for anyone, "Moscovici told reporters." Trade wars are not easy … they do not create winners, only losses. "
US Treasury Secretary Steven Mnuchin disputed that the protectionism is the problem
"People are trying to do this about the United States and protectionism. This is not the case at all, "he said at a press conference." It's about the United States wanting a fair and free trade. … We strongly support the idea that trade is important for the global economy, but it must be fair and reciprocal. "
Mr. Mnuchin stated that there had been no" substantive discussions "with China on trade at the meeting." Asked what it would take for reviving the talks with the Asian giant, he said: "Whenever they want to sit down and negotiate significant changes, me and our team are available."
As the rally ended, Moscovici said the differences of position remain despite the talks.
"These meetings took place in a very difficult international context. Trade tensions remain high and they threaten to intensify further, "he said.
Christine Lagarde, Executive Director of the International Monetary Fund, warned that a wave of tariffs could hurt considerably to the world economy, 0.5% "in the worst case."
Mnuchin disagreed Sunday, saying that overall, the US economy had not been affected by the battles Trump's hard-hitting policies, he acknowledged, however, that some sectors were injured and said US officials were looking for ways to help them.
"We see micro-impacts where people, our counterparts, target very, very specific elements. communities, "he said. "But from a macro point of view, we still do not see significant impact on the economy."
To date, global markets have remained generally calm despite the US-China trade war and other trade disputes. say that they expect Trump to impose more tariffs on China and potentially other key US trading partners. With these countries almost sure to hit back, the result could be higher prices for Americans, a decline in export sales and a weaker US economy next year, says he. He said countries must remain "cool and keep a sense of perspective" and that the EU remains open to dialogue. "That's why EU President Jean-Claude Juncker and EU Trade Commissioner Cecilia Malmstrom will meet Trump" in Washington next week, he said. "We hope this meeting will be productive and successful."
Mnuchin said that the United States looked forward to these discussions.
The Group of 20 nations is composed of traditional economic powers such as the United States, Japan and Germany. Emerging nations such as China, Brazil, India and Argentina.
Buenos Aires officials also addressed issues such as the future of labor and infrastructure for development, the international tax system and financial inclusion. This is the third of five meetings of finance ministers and central bankers scheduled for a meeting of G-20 national leaders in Argentina, to be held from November 30 to December 1. Mnuchin said Trump was planning to attend
. ] Associate Press reporter Patricia Luna and PA video reporter Paul Byrne contributed to this report
Copyright 2018 The Associated Press. All rights reserved. This document may not be published, distributed, rewritten or redistributed.
[ad_2]
Source link
