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Mon, 23 Jul 2018 – 5:50 AM
Buenos Aires
The United States has attempted to seduce Europe and Japan through free trade agreements in order to win the prize. to leverage a growing tariff war with China. France's resistance to a meeting of G-20 finance ministers dominated by trade tensions.
US Treasury Secretary Steven Mnuchin told reporters Saturday at the gathering of financial executives of the 20 largest economies in the world. "If Europe believes in free trade, we are ready to sign a free trade agreement," said Mnuchin, adding that such an agreement would require the elimination of the free trade. free trade agreement between G-7 countries. tariffs, non-tariff barriers and subsidies. Mr Trump angered his European allies by imposing import duties of 25 per cent on steel and 10 per cent on aluminum, which pushed the Union forward. European to fight back with similar rights on Harley-Davidson motorcycles, Kentucky bourbon and other products. Mr Trump, who often criticizes 10% tariffs on cars in Europe, is also studying the addition of a 25 percent tax on car imports, which would hit the country hard. Europe and Japan
. The Union would not consider launching trade negotiations with the United States unless Mr. Trump first withdraws the steel and aluminum tariffs and the tariffs. put an end to a car pricing threat. "We refuse to negotiate with a gun at the head," Le Mayor told reporters on the sidelines of the G-20 meeting. But on Sunday, the G-20 European Council representative, Hubert Fuchs, said the removal of tariffs on steel and aluminum imports was not a necessary precondition to trade talks between the United States and the EU. The European Union and Japan – with a renewed effort to revive talks with Mexico and Canada to modernize the North American Free Trade Agreement – arrive while the United States and China are in conflict in a dead-end trade dispute. 19659003] The two largest economies in the world have so far imposed tariffs equivalent to 34 billion US dollars. Trump has threatened to impose tariffs on Chinese exports to the United States unless Beijing accepts major structural changes in its technology transfer, industrial subsidy and joint venture policies.
million. Mnuchin does not officially meet any Chinese officials at the G-20 meeting said it was because his Chinese counterpart, Liu He, was not present.
The International Monetary Fund (IMF) also warned that the recent wave of global growth. IMF Managing Director Christine Lagarde briefed G-20 finance ministers and central bank governors in Buenos Aires on a report warning that existing trade restrictions would cut global production by 0.5 percent.
the IMF said global economic growth could peak at 3.9 percent in 2018 and 2019, while downside risks have risen as a result of the growing trade conflict.
Ms. Lagarde's presentation comes shortly after Mr. Mnuchin said that there was not yet a macro effect on the US economy. Mr Mnuchin said that, if there were "micro" effects such as retaliation against soybeans, lobster and bourbon, he did not think that tariffs would prevent the United States from doing so. achieve a steady growth of 3 percent this year. I always think from a macro basis that we do not see any impact on what is a very positive growth, "said Mnuchin, adding that he closely monitors the prices of the price. steel, aluminum, wood and soy.
Three weeks later, on Friday, Mr. Trump complained again of the strength of the greenback and the rising rates of Interest of the Federal Reserve, stopping a rise that had pushed up the US dollar in one year
In late March, the G-20 meeting on finances in Buenos Aires ended without a firm agreement ministers on trade policy, except for a commitment to "continue the dialogue."
Brazilian Minister of Finance Eduardo Guardia said that participants Since 1965, the major central banks have increased their trade tensions and higher interest rates.
He indicated that the communiq The final outcome would reflect the need for members, particularly in emerging markets, to undertake reforms to protect against volatility.
German Finance Minister Olaf Scholz said he would use the meeting to advocate for a rules-based trading system, but that expectations were low. "I do not expect tangible progress to be made at this meeting," Scholz told reporters on the plane for Buenos Aires
US tariffs will cost Germany up to 20 billion euros in revenue this year According to the leader of the German think tank IMK, Bank of Japan Governor Haruhiko Kuroda said he hoped the debate at the G-20 meeting would lead to a relaxation of trade retaliation measures
. one involved, "he said. "I think the restraint will eventually impose." REUTERS
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