G20 calls for more dialogue after trade tensions

Finance Ministers and Presidents of the Central Banks of the World's Largest Economies, Meeting in Argentina, Declared that Increased Trade and Geopolitical Tensions Endanger Global Growth and Call for Greater Dialogue, final communiqué of the meeting. .

Talks that took place this weekend in Buenos Aires took place in the context of the rhetoric of the US-China trade dispute, the largest economies in the world that have so far. imposed tariffs of $ 34 billion. US President Donald Trump tightened tensions again on Friday by threatening to charge $ 500 billion worth of Chinese exports to the United States, unless Beijing subscribes to major changes in its exports. technology transfer policy, industrial subsidies and joint ventures.

The statement noted that the global economy is growing and unemployment is at its lowest level in a decade, but warned that growth is becoming less and less synchronized between "

" This includes increasing financial vulnerability, increased trade and geopolitical risks. "

Ministers reaffirmed the conclusions of the G20 leaders at the last Hamburg summit last July, when they stressed that trade is a driver" We … recognize the need to step up dialogue and actions to mitigate risks and increase confidence, "said the statement.

Strengthening the contribution of trade to our economies."

The text shows more badurance than the statement released at of the previous ministerial meeting in March, which had only observed that the leaders "recognized the need for more dialogue".

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Trump angered European allies by imposing tariffs of 25% on steel imports and 10% on aluminum, bringing the Union European to fight back at similar rates for Harley-Davidson motorcycles, Kentucky bourbon whiskey and other products.

Trump, who often criticizes 10% car rates in Europe, is also studying the addition of a 25% rate on motor vehicle imports, which would severely affect Europe and Japan. "We were in mutual listening mode and I hope that is the beginning of something," said the European Commissioner for Economic and Financial Affairs, Pierre Moscovici told reporters Sunday, referring to the G20 talks. "But the positions are still not similar."

Steve Mnuchin, US Treasury Secretary, attempted to use the meeting to lure Europe and Japan with the offer of free trade agreements while Washington is trying to

However, French Minister of the Economy Bruno Le Maire rejected the proposal on Saturday, saying that Washington was to drop its tariffs before negotiations could begin.

G20 European Council representative Hubert Fuchs took a more cautious tone on Sunday, saying the elimination of US tariffs is not a necessary prerequisite for the start of trade negotiations and that it will not be necessary. he accepts the sincere approach adopted by Mnuchin at the meeting

"Even the (Secretary of the Treasury) of the United States says that he is in favor of a fair and free trade, but the problem is that the United States understand something dif "

Canadian Finance Minister Bill Morneau said that Mnuchin had expressed this weekend the goal for all G7 countries of the world. "Abandon all tariffs, non-tariff barriers" and subsidies ", which Morneau has described as" big idea "and" ambitious goal ", but difficult to implement.

The declaration stressed that structural reforms were needed to increase growth and reaffirmed the commitments of the March ministerial meeting.

The statement noted that emerging market economies are now better prepared to adapt to external shocks, but that they still face market volatility and volatility reversals. markets. capital flows

The US dollar experienced its largest decline in three weeks on Friday compared to the other six after Trump again complained about the strong dollar and rising interest rates in the US dollar. US central bank, ending a dispute that has pushed the dollar to its highest level in a year.