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The IMF warned that the trade war that erupted after the US decision to raise tariffs will hit global growth, but Washington announced to the G20 that it would continue to press for more trade "balanced". from the economy and central bank presidents of the G20 meeting on Saturday and Sunday in Buenos Aires, the growing tension by the new US tariff policy was palpable before the meeting.
IMF Managing Director Christine Lagarde warned, "In the worst case, current (trade) measures can have an environmental impact of 0.5 percentage points of GDP. "in 2020," said Lagarde.
The IMF continues to forecast solid growth of 3.9% in the global economy in 2019, but warned against the negative effect that tariff measures the United States and its recipients adopted by China, the European Union, Canada or Mexico can take global growth.
The United States, meanwhile, will maintain its position of tariff increase that began with an additional 25% steel and aluminum from China, as a strategy to put pressure on for a more "balanced" business relationship with its partners.
"We wish to have a more balanced (commercial) relationship with China" and the balanced relationship is that we can sell more "Munchin arrived in Argentina at the end of a week in which President Donald Trump has makes strong commercial threats. "
Trump called China. The EU and Russia as commercial "enemies" and have threatened to increase the additional tariffs on all imports from China, totaling 500,000 million C is an annual dollar .
"It's really a possibility, so I'm not going to minimize it. Mnuchin told reporters before the start of the meeting in Buenos Aires
Beijing accuses the United States of promoting "the biggest trade war of economic history" and responded with retaliatory tariffs on products US.
The US trade deficit with China exceeds $ 370 billion
Called "reasoning"
The French Minister of Economy and Finance, Bruno Le Maire In an exclusive interview with AFP on Saturday, the European Union is concerned about the trade war and asked Washington to be reasonable and "respect" its trading allies.
"Everyone, especially the European countries, are concerned about the trade war that began a few weeks ago," We call on the United States to reason, to respect the multilateral rules and to respect their allies " The Mayor said: "We call on the United States to reason, to respect the multilateral rules and to respect its allies," he said.
"The way to solve the problems is a dialogue between the United States, Europe and China, "argued The Mayor.
Mnuchin, meanwhile, spoke about a possible FTA between the US and the EU. make considerable concessions if he wants to get an agreement
"My message is very clear, it is the same message that the President (Trump) gave the G7: if Europe believes in free exchange, we are ready to sign an agreement. free trade agreement without tariffs, tariff barriers and subsidies. They must be the three. "
The Future of Multilateralism
In this tense context, the financial G20 of Argentina – whose official agenda has priority for it. Future of Work and Infrastructure Financing – Could Address the Paralysis of the World Trade Organization (WTO).
"What we want is to reform trade multilateralism. Global trade can not be based on the law of the jungle, "said French Minister Le Maire.
The EU and China agreed this week to form a working group to study a reform of the WTO. *
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