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Finance ministers and central bankers at the end of the Buenos Aires summit warned that "increased tensions in world trade and geopolitical tensions" posed new risks to global economic growth
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At the meeting, however, no concrete agreement was reached on how to achieve such a result.
Representatives of the G20 summit in March on the unilateral action of the United States in addition to mentioning the need for a dialogue, but no progress has been made up to here in the treatment of commercial disputes. On the contrary, the trade conflict between the United States and China intensified
. G20 ministers called the "current global firm" of economic growth, but warned that the risk that could arise in the short and medium term was high. The report highlighted "growing financial vulnerability", "various imbalances" and "inequalities".
President Donald's short-term protectionist policy was summed up by the parties at the summit.
D. The lowest imports of steel and aluminum are 25% and 10% respectively. Customs duty In addition, he introduced 25 percent. Import duties 34 billion US dollars of Chinese goods and is preparing to introduce $ 16 billion more in tariffs.
The US president also threatened to impose tariffs on car imports and customs duties from Europe to tax US imports from China of a value 500 billion dollars. "World trade can not be based on the laws of the jungle, and the unilateral introduction of customs is the law of the jungle," said French Finance Minister Bruno Le Maire.
Meanwhile, US Treasury Secretary Steven Mnuchin said at a press conference that the United States was ready to negotiate with China on new tariffs imposed by Washington and on the requirements the United States. "I support the idea that trade is important for the global economy, but this trade must be fair and mutually beneficial," Mnuchin said, noting that D. Short's actions are not not protectionist, but that efforts for world trade are more equitable
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The International Monetary Fund (IMF) has warned against the G20 summit that introducing additional duties on imported goods, ranging from Chinese steel to German cars, could undermine confidence businesses, which would slow down global economic growth. The growth rate of global gross domestic product (GDP) in 2020 will be 0.1 percentage point lower than it is currently forecast, said Christine Lagard, head of the IMF state.
According to IMF calculations, in the event that the most unfavorable stage of global trade development is confirmed The US GDP growth rate could be lower than expected by 0.8 pp l /. Next year,
A sharp rise in protectionism will also plummet to Asian emerging markets: the pace of GDP growth in this region in 2020 may be slower than expected.
In Latin America and Japan, GDP growth in the worst case scenario would be 0.6 pp slower and 0.3 pp slower in the euro area and the rest of the world.
According to the latest IMF projections In June, world GDP will grow by 3.9% in 2018 and 2019.
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