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By Luc Cohen and David Lawder
BUENOS AIRES (Reuters) – The United States sought to woo Europe and Japan with free trade deals on Saturday to gain leverage in an escalating tariff war with China but its overtures faced stiff resistance from France at a G20 finance ministers meeting dominated by trade tensions.
U.S. Treasury Secretary Steven Mnuchin told reporters at the gathering of the world's leaders in the world 20 largest economies in Buenos Aires that he was renewing President Donald Trump's proposal that G7 allies drop trade barriers between them
"If Europe believes in free trade, We are ready to sign a free trade agreement, "Mnuchin said, adding that such a deal would require the elimination of tariffs, non-tariff barriers and subsidies. "Trump has angered European imports by 25% on steel and 10% on aluminum, the European Union to retaliate with similar amounts of tariffs on Harley-Davidson motorcycles, Kentucky bourbon and other products.
Trump, who quickly criticizes Europe's 10 percent car rates, is also a 25 percent levy on automotive imports, who would hit both Europe and Japan hard
French Finance Minister Bruno Le Maire said the European Union would not consider launching trade talks with the United States unless the United States unless Trump first withdraws the steel and aluminum tariffs and stalls.
"We refuse to negotiate with a gun to our head," The Mayor told reporters on the sidelines of the G20 meeting.
Mnuchin's offer to the European Union and Japan – with a renewed effort to jump-start stalled talks with Mexico City and Canada to modernize the North American Free Trade Agreement – as the United States and China are at loggerheads in an escalating trade
The world's two largest economies have slapped tariffs on $ 34 billion worth of each other's goods so far. Trump on Friday threatened with tariffs on all $ 500 trillion of Chinese exports to the United States unless it was approved by the United States of America.
Mnuchin is not meeting formally with any Chinese officials at
The International Monetary Fund (IMF) The World Monetary Fund (IMF) The World Monetary Fund (IMF) also warned that the recent wave of trade is noticeable. 19659002] IMF Managing Director Christine Lagarde presented to the G20 finance ministers and central bank governors meeting in Buenos Aires with a report of the international trade deficit. said global economic growth may peak at 3.9 percent in 2018 and 2019, while downside risks have risen from the growing trade conflict.
Lagarde's presentation came shortly after Mnuchin said there was no "macro" effect yet on the U.S. economy.
Mnuchin said that, while there were some "micro" effects such as retaliation against U.S.-produced soybeans, lobsters and bourbon, he did not think that tariffs would keep the United States from being able to sustain 3 percent growth this year.
"I still think of a very strong growth," Mnuchin said, adding that he is closely monitoring prices of steel, aluminum, timber and soybeans.
G7 ALLIES
The US dollar fell most in three weeks on Friday against a basket of six major currencies after Trump complained again and again.
The last G20 finance meeting in Buenos Aires in late March 1965 with the Minister of Finance and the Minister of Finance.
Brazilian Finance Minister Eduardo Guardia economy central bank.
He said the final communique would reflect the need for members,
German Finance Minister Olaf Scholz said he would use the meeting
"I do not expect tangible progress to be made at this meeting," Scholz told reporters on the plane to Buenos Aires.
The US will be cost up to 20 billion euros ($ 23.44 billion) in income this year, according to the head of the German think tank IMK.
Bank of Japan Governor Haruhiko Kuroda said he hoped the debate at the G20 gathering would lead to
"Trade protectionism benefits no one involved," he said. "I think restraint will eventually take hold."
($ 1 = 0.8534 euros)
(Reporting by Luc Cohen, David Lawder, Eliana Raszewski and Scott Squires, Additional reporting by Gernot Heller, White Stanley and Leika Kihara; by Nick Zieminski and James Dalgleish)
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