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The G20 Financial Meeting, composed of Finance Ministers and Central Bank Presidents, became a forum for discussion on tariff increases decided by the Donald Trump administration, reported # 39; AFP.
The IMF warned that the situation was going to hit global growth, but Washington said it would continue to push for more "balanced" trade.
Allies not enemies
In a tone contrary to that of the Donald Trump government, the European Commissioner for Economic and Financial Affairs, Taxation and Customs, Pierre Moscovici, badured Sunday that [19459003Europeancountriesarereadyto"buildbridges"
"We are ready to build bridges. (…) We must act with the United States as allies, not enemies, but allies "press
The official responded to comments by Trump.
Last week, the US President described China, the EU and Russia as "enemies" trading and threatened to raise the additional tariffs that were used. he had on steel and aluminum all the imports of the Asian giant, for a total of 500,000 million dollars a year.
Unyielding
The United States was adamant in its position.
"We want to have a more balanced (trade) relationship with China" and the balanced relationship is that we can sell more goods "to the Asian giant," said US Treasury Secretary Steven Mnuchin.
The United States seeks to combat a trade deficit with China that exceeds $ 370 billion a year.
In the process, the tariff increase affects other trading partners such as the EU, Canada and Mexico. (members with the United States of the North American Free Trade Agreement, NAFTA).
"The European Union is certainly not responsible for the big trade imbalances. We believe that accusing us is inappropriate", responded on his side Moscovici.
The retaliation measures to the US provisions have not waited and become widespread, and now threaten to reduce global growth.
Losers only
The EU insists that the current situation will only leave "losers" on the road.
"The impact of the protectionist measures implemented has fortunately been limited so far, but the risk of an escalation of this impact is latent," warned Mr Moscovici
"It goes without saying that an increase in conflicts would affect well-being in all countries, including the United States" he added. "Protectionism is not good for nobody, there are no winners, only victims, "he concluded.
The French Minister of Economy and Finance, Bruno Le Maire, had pointed out that the trade war would leave only "losers", "destroy jobs and affect global growth", while calling on Washington "to reason" and "to respect the multilateral rules and their allies".
[19459003TheCrisisofMultilateralism
The Tense of the Crossing of Statements at the G20 in Buenos Aires Aires is another example of the crisis of multilateral trade negotiations, manifested by the paralysis through which the World Trade Organization (WTO).
While The Mayor advocated "reforming trade multilateralism," Moscovici noted that "the multilateral system, of which the G20 is a central piece, is under significant pressure " and called for "strengthening it "
" Unilateral decisions can never be the answer, "he said, clearly referring to Washington's measures.
Eduardo Guardia, Minister of Finance of Brazil – one of the founding emerging nations of the G20 – said for his part "the importance of international dispute settlement bodies" in a context like that of 39; aujourd & # 39; hui.
"Anything that goes against free trade, a rules-based trade, must be solved by multilateral organizations that are done exactly to solve this type of conflict. " The opposite "can have a negative impact on the global economy," he added.
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