American courts in Europe and Japan with free trade offers at G20 but France resists

The United States sought Saturday to obtain free trade agreements between Europe and Japan to leverage a growing tariff war with China. US Treasury Secretary Steven Mnuchin told reporters at the gathering of financial executives of the 20 largest economies in Buenos Aires that he was renewing President Donald Trump's proposal that G7 allies would drop the barriers between them. "If Europe believes in free trade, we are ready to sign a free trade agreement," said Mnuchin, adding that such an agreement would require the elimination of tariffs , non-tariff barriers and subsidies. Mr Trump angered his European allies by imposing import duties of 25 per cent on steel and 10 per cent on aluminum, which led the Union to fight back with similar tariffs on Harley-

M. Trump, who often criticizes 10 percent tariffs on cars in Europe, is also studying the addition of a 25 percent tax on auto imports, which would hit Europe harshly and severely. Japan.

French Finance Minister Bruno Le Maire said the EU would not consider launching trade talks with the United States unless Mr Trump withdraws first steel and aluminum tariffs and ceases its pricing policy. "We refuse to negotiate with a rifle on the head," Le Mayor told reporters on the sidelines of the G20 meeting.

Mr Mnuchin's offer to the EU and Japan – with a renewed effort to jump The negotiations with Mexico and Canada were halted to modernize the Free Trade Agreement North American – while the United States and China are in conflict in a dead-end trade dispute.

The two largest economies in the world have so far imposed tariffs of 34 billion US dollars (45.8 billion US dollars). Trump threatened Friday to impose tariffs on all Chinese exports to the United States, unless Beijing accepts major structural changes in its technology transfer, industrial subsidies and joint ventures.

million. Mnuchin does not officially meet any Chinese officials at the G20 meeting said it was because his Chinese counterpart, Liu He, was not present.

The International Monetary Fund (IMF) has also warned that the recent wave of commercial tariffs would seriously undermine global growth.

IMF Managing Director Christine Lagarde briefs G20 finance ministers and central bank governors in Buenos Aires on a report warning that existing trade restrictions would cut world output by 0.5 percent

]. According to the IMF, global economic growth could reach a peak of 3.9 percent in 2018 and 2019, while downside risks have risen

. Mnuchin said that Mr Mnuchin had said that there was no "macro" effect on the US economy yet.

million. Mnuchin said that if there were "micro" effects such as retaliation against the United States. He did not believe that tariffs would prevent the United States from achieving sustained growth of 3% this year.

"I still think from a macro point of view that we do not see any impact on very positive growth," said Mnuchin, adding that he closely monitors the prices of the product. steel, aluminum, wood and soy.

million. Trump is still complaining about the strength of the greenback and the rising interest rates of the Federal Reserve, putting an end to a hike that had pushed the dollar to its highest level in a year. year.

The last meeting on the G20's finances in Buenos Aires at the end of March ended without a firm agreement from ministers on trade policy, with the exception of a commitment to "continue the dialogue."

Brazilian Finance Minister Eduardo Guardia

Currency Weakness

He said the final communiqué would reflect the need for members, especially in emerging markets that have been disrupted by weak currency. , to undertake reforms to protect against volatility.

Olaf Scholz, German Finance Minister, said that he would use the meeting to plead "I do not expect that tangible progress will be made at this meeting," said Mr. Scholz to journalists on board a plane bound for Buenos Aires

. According to the leader of the German think tank IMK, Germany will reach 20 billion euros (31.6 billion dollars) this year.

The governor of the Bank of Japan, Haruhiko Kuroda, hopes that the G20 debate will lead to retaliatory trade measures.

"Trade protectionism does not benefit anyone," he said. "I think the restraint will eventually impose."