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G-20 finance ministers called for greater dialogue Sunday on trade disputes that threaten global economic growth, and one official warned that differences will persist and tensions may increase further.
The two-day meeting of Finance Ministers and Central Bankers of the Group of Twenty took place in Buenos Aires at a time when the United States is clashing with China and other nations for reasons with billions of dollars.
In a final communiqué of the meeting, it was stated that, although the world economy remains strong, growth is becoming "less synchronized" and risks in the short and medium term have increased.
These include the increase in financial vulnerabilities, trade and geopolitical tensions, global imbalances, inequalities and structurally structural growth. bil, especially in some advanced economies, "says the statement." We recognize … the need to strengthen dialogue and actions to mitigate risk and improve confidence. "
US President Donald Trump reiterated Friday its threat to impose tariffs on a total of 500 billion dollars of imports from China, equivalent to all the products that Beijing exports annually to the US The White House also clarified that she could tax other Chinese goods worth $ 200 billion.
Washington has already imposed 25% tariffs on steel and 10% on aluminum, including those from Europe.China, the European Union, Canada, Mexico and Turkey responded with their own tariffs to US products.
EU tariffs on US products includes Harley-Davidson motorcycles, cranberries, peanut butter, cards and whiskey.
EU Trade Commissioner Pierre Moscovici has remarked that this type of litigation is a threat
"Protectionism, I insist, is good for no one," said. "Trade wars are not easy … do not create winners, only losses."
US Treasury Secretary Steven Mnuchin argued that protectionism is the problem
"People are trying to do business" is due to the US and protectionism, it's not like that, "he said at a press conference. "The United States wants fair and free trade … We are very supportive of the idea that trade is important to the global economy, but it must be fair and reciprocal."
Mnuchin He said that there had been "no substantive discussion" with China about trade during the meeting. Asked what would be needed to reactivate the dialogue with the Asian giant, he replied: "Whenever they want to sit down and negotiate important changes, me and our team are available."
At the end of the meeting, Moscovici said that the differences "These meetings took place in a very difficult international context," he told reporters. "Trade tensions remain high and threaten to increase further."
The director of the International Monetary Fund, Christine Lagarde, warned that tariffs could significantly harm the global economy and reduce growth by about 0.5% "the worst case."
Mnuchin disagreed Sunday, saying that, in general, the US economy had not been affected by the trade disputes triggered by Trump's harsher policies. However, he acknowledged that some sectors were affected and said the US authorities were looking for ways to support them.
"We are seeing impacts at the microeconomic level where people, our counterparts, are targeting very specific elements in very specific communities," he said. "But from a macroeconomic point of view, we do not still see no significant impact on the economy. "
To date, global markets have remained generally calm despite the US-China trade war and other conflicts
However, badysts say they expect Trump to impose more tariffs on China and possibly other crucial US trading partners, and it is almost certain that these nations will fight back. , which could lead to higher prices for Americans, less exports and a weaker US economy for next year, they say.
Moscovici said that the meeting of the G- 20 was not tense. He believes that countries must preserve "serenity and a good sense of perspective" and that the European bloc 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. that this meeting will be productive and successful.
Mnuchin indicated that the United States hoped to participate in these talks.
The Group of 20 is composed of economic powers such as the United States, Japan and the United States. Argentina, China, Brazil and India
The officials of Buenos Aires also discussed other issues, including 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 ahead of the G20 leaders summit in Argentina to be held from November 30 to December 1. Mnuchin said that Trump al "Intention to attend
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