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The IMF warns the US reaffirms its demands. The US trade dispute with China and the EU determines the meeting of finance ministers in Buenos Aires. Finance Minister Scholz does not expect tangible progress
The International Monetary Fund (IMF) warned the G20 countries against the escalating trade dispute between the United States, the United States and the United States. China and the European Union. IMF director Christine Lagarde said that at a meeting of finance ministers in Buenos Aires, at worst, global economic growth could be down by half a point. It will report to ministers
According to the IMF, lower growth of this magnitude threatens when all threatened tariffs and countermeasures are implemented.
The Mayor asks the reason
of the French economic and monetary policy The Minister of Finance, Bruno Le Maire, also warned the United States against the destructive consequences of a trade war. This will only create losers, destroy jobs and increase global economic growth, said The Mayor. He called on the United States "to reason, to respect the multilateral rules and the respect of its allies" and warned that world trade could not be changed according to the "law of the jungle". On the contrary, problems must be discussed multilaterally.
At the same time, The Mayor stressed that the precondition for further negotiations was the lifting of US import duties on aluminum and steel. In this document, France and Germany are in agreement, said The Mayor. It is only when the Washington government took this first step towards the Europeans that the EU was able to make a formal proposal for trade negotiations. If the US imposes new tariffs on imports from the EU, there is no choice but retaliation.
Mnuchin reiterates US demands
US Treasury Secretary Steven Mnuchin will also attend the meeting. Chinese Finance Minister Liu Kun, World Bank President Jim Yong Kim, and OECD Secretary General José Ángel Gurría
M. Mnuchin said the trade dispute had not yet had any macroeconomic impact on the world's largest economy. The trade dispute is raging mainly between the United States and China, which is already talking about trade wars.
The Washington government pocketed $ 34 billion in additional products from the People's Republic of China. China has adopted countermeasures to the same extent. US President Donald Trump has even threatened to impose tariffs on Chinese imports worth $ 500 billion. He put the EU under pressure to impose higher tariffs on car imports, which would hit German manufacturers in particular.
Just before the finance ministers meeting, Mnuchin reiterated the call for "fair opportunities" for his country in trade with China. and the EU. The US government has a "desire for a more balanced relationship" and for that it is necessary that more US products are imported, he said after his arrival in Buenos Aires. China must open its markets in the United States "in order to compete fairly and increase our exports".
Scholz promotes free and fair global trade
Federal Finance Minister Olaf Scholz has campaigned for free and fair global trade. "Prosperity gains are greater for all, if we cooperate," said SPD politician
On the dispute over import tariffs with the United States Scholz said that trade disputes are a big subject. However, he carefully commented on the chances of success of the conference. "I do not expect tangible progress at this meeting," says Scholz. He argues that escalating trade conflict with new tariffs hurts everyone, especially the United States.
The Future of Work, Improving Infrastructure
The Argentine G20 Presidency has a future of improving work and infrastructure put on the agenda for the weekend. However, the tariff dispute between the United States, China and China is the main topic of the meeting.
In addition, finance ministers want to discuss the regulation of cryptocurrencies. According to a recent IMF badysis, these digital currencies, such as Bitcoin, could be misused for money laundering or terrorist financing. "I'm optimistic that we will make progress," said Scholz.
The G20 accounts for 85 percent of global economic output, accounting for two-thirds of the world's population and handling 75 percent of world trade.
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