Page 8 - ARUBA TODAY

A8 WORLD NEWS
Monday 23 July 2018

G-20 calls for more dialogue on rising trade tensions

By LUIS ANDRES HENAO remained generally calm
Associated Press despite the U.S.-China
BUENOS AIRES, Argentina trade war and the other
(AP) — The world’s top fi- trade conflicts.
nancial officials called But analysts say they expect
Sunday for more dialogue Trump will impose more tar-
on trade disputes that iffs on China and poten-
threaten global economic tially other key U.S. trading
growth, with one warning partners. With those nations
that differences remain almost certain to retaliate,
and tensions could esca- the result could be higher
late further. prices for Americans, di-
The two-day meeting of minished export sales and
finance ministers and cen- a weaker U.S. economy by
tral bankers from the Group next year, they say.
of 20 nations came as the Moscovici said the G-20
United States clashes with meeting had not been
China and other nations tense.
over trade, with the nations He said that countries must
imposing tariffs on billions remain “cool-headed and
of dollars of the the other’s maintain a proper sense of
goods. perspective” and that the
A final communique said EU remains open to dia-
that although the global Christine Lagarde, right, International Monetary Fund Managing Director and Argentina Treasury logue.
economy remains strong, Minister Nicolas Dujovne arrives for a press conference during the G20 meeting of Finance “That’s why EU President
growth is becoming “less Ministers and Central Bank governors in Buenos Aires, Argentina, Saturday, July 21, 2018. Jean-Claude Juncker and
synchronized” and risks Associated Press EU Trade Commissioner Ce-
over the short and medium and 10 percent on alumi- is about the United States ing director of the Interna- cilia Malmstrom will meet
terms have increased. num, including from Eu- wanting fair and free trade. tional Monetary Fund, has with Trump” in Washington
“These include rising finan- rope. China, the European ... We very much support warned that a wave of tar- next week, he said. “We
cial vulnerabilities, height- Union, Canada, Mexico the idea that trade is impor- iffs could significantly harm hope this meeting will be
ened trade and geopo- and Turkey have counter- tant for the global econ- the global economy, low- productive and success-
litical tensions, global im- punched with taxes on U.S. omy, but it’s got to be on ering growth by about 0.5 ful.” Mnuchin said that the
balances, inequality and goods. EU tariffs on Ameri- fair and reciprocal terms.” percent “in the worst-case U.S. looks forward to those
structurally weak growth, can products include Har- Mnuchin said there had scenario.” discussions.
particularly in some ad- ley-Davidson motorcycles, been no “substantive dis- Mnuchin disagreed Sun- The Group of 20 nations is
vanced economies,” the cranberries, peanut butter, cussions” with China about day, saying that overall, composed of traditional
communique said. “We ... playing cards and whiskey. trade during the meeting. the U.S. economy has not economic powers such as
recognize the need to step EU financial affairs com- Asked what it would take to been harmed by the trade the United States, Japan
up dialogue and actions to missioner Pierre Moscovici re-start talks with the Asian battles set off by Trump’s and Germany and emerg-
mitigate risks and enhance warned that such disputes giant, he said, “Anytime get-tough policies. He ac- ing nations such as China,
confidence.” are a threat. that they want to sit down knowledged, however, Brazil, India and Argentina.
On Friday, President Donald “Protectionism, I want to and negotiate meaningful that some individual sec- Officials in Buenos Aires also
Trump renewed his threat insist on that, is good for changes, I and our team tors have been hurt and discussed issues including
to ultimately slap tariffs on no one,” Moscovici told re- are available.” As the gath- said U.S. officials are look- the future of work and infra-
a total of $500 billion of im- porters. “Trade wars are not ering wound up, Moscovici ing at ways to help them. structure for development,
ports from China — roughly easy ... they create no win- said differences of position “We see some micro im- the international tax system
equal to all the goods Bei- ners, only casualties.” remain despite talks. pacts where people, our and financial inclusion.
jing ships annually to the U.S. Treasury Secretary Ste- “These meetings have counterparts, are targeting It is the third of five meetings
U.S. The White House has ven Mnuchin disputed that been taking place in an in- very, very specific items, in by finance ministers and
also itemized $200 billion of protectionism is the issue. ternational context which is very specific communities,” central bankers scheduled
additional Chinese imports “People are trying to make very challenging. ... Trade he said. “But from a macro in advance of a meeting of
that it said may be subject this about the United States tensions remain high and standpoint, we do not yet G-20 national leaders in Ar-
to tariffs. and protectionism. That’s they threaten to escalate see any significant impact gentina to be held Nov. 30-
The U.S. has also imposed not the case at all,” he said further,” he said. on the economy.” Dec 1. Mnuchin said Trump
tariffs of 25 percent on steel at a news conference. “This Christine Lagarde, manag- So far, global markets have plans to attend.q