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In the international trade dispute, the United States has been willing to talk to Europe and Japan. At the G20 finance ministers' meeting in Buenos Aires this weekend, Finance Minister Steven Mnuchin once again proposed removing trade barriers in the seven traditional industrialized countries (G7): Europe believes in free trade, we are ready to negotiate a free trade agreement However, there are three conditions: the abolition of tariffs, trade barriers and subsidies.
The EU still disagrees
France objects: Before the EU prepares for trade talks, US President Donald Trump retain tariffs on steel and aluminum as well as his threat of tariffs on cars. "We refuse to negotiate with a pistol on the chest," said Finance Minister Bruno Le Maire.
EU Council member G20 Hubert Fuchs proposed a sound more modest.The lifting of the rights on the steel and aluminum is not a prerequisite for trade negotiations. He praised the initiative of Mnukhin. "Even the US Treasury Secretary is in favor of fair and free trade .The problem is that the United States understand fair and free trade differently." Federal Councilor Ueli Maurer also attended the G20 meeting He was accompanied, among others, by the Secretary of State for International Financial Affairs, Jörg Gasser, and the President of the National Bank, Thomas Jordan, was in Buenos Aires
The IMF warned against escalation
The IMF warned the major industrialized and emerging G20 nations of escalating trade conflict.Another arms race would affect the global economy, according to an analysis Even worse, global economic output could be 0.5 percent or $ 430 billion lower than expected in 2020, according to IMF estimates.
The United States trade dispute is, China and the EU also warned the G20. Countries facing dangers for the global economy. "Risks in the short and medium term have increased which include susceptibility to financial problems, growing trade and geopolitical tensions, inequality and structurally weak growth, particularly in some developed economies", said Sunday the joint statement of finance ministers and central bankers of the G20. Intensifying Dialogue
"International trade and investment are important drivers for growth, productivity, innovation, and development," the statement said. "We need to intensify the dialogue and take steps to contain the risks and increase confidence."
Ministers also stressed the validity of the results of the G20 Summit of Heads of State and Government a year ago in Hamburg. Trade stimulates global economic growth and, therefore, multilateral agreements are important. This goes beyond the explanation of the previous meeting in March, during which we could only agree that we needed to continue the dialogue.
EU Representative Wednesday in Washington
There is a lot of tension awaited the trip of the President of the European Commission, Jean-Claude Juncker, and the Commissioner for Trade, Cecilia Malmström, Wednesday in Washington. They want to talk to Trump about the trade conflict. Trump triggered the dispute with European partners by imposing import duties of 25 percent on steel and 10 percent on aluminum.
The EU responded with similar rates on motorcycles and whiskey. Trump was threatening additional tariffs on cars that would mainly hit German manufacturers. The trade dispute is mainly between the United States and China, which is already talking about trade wars. With the renewal of Trump's proposal, Mnuchin apparently also sought to increase pressure on China.
The Washington government imposed $ 34 billion in extra-tariff products from the People's Republic of China. China has adopted countermeasures to the same extent. On Friday, Trump threatened to impose duties on Chinese imports worth $ 500 billion
