Page 2 - ARUBA TODAY

A2 UP FRONT
Monday 20 March 2017
Top economies yield to US, drop no-protectionism pledge

DAVID McHUGH current summit. “The histori-
AP Business Writer cal language was not re-
BADEN-BADEN, Germany ally relevant,” he said.
(AP) — The world’s top eco- “We believe in free trade:
nomic powers dropped a we are one of the largest
pledge to oppose trade markets in the world, we
protectionism amid push- are one of the largest trad-
back from the Trump ad- ing partners in the world,”
ministration, which wants Mnuchin said. “Having said
trade to more clearly ben- that, we want to re-exam-
efit American companies ine certain agreements...
and workers. And to the extent that
Finance ministers from agreements are old agree-
the Group of 20 countries ments and need to be re-
meeting in the southern negotiated we’ll consider
German town of Baden- that as well.”
Baden issued a statement He said trade deals need
this weekend that said only to offer a “win-win situa-
that countries “are work- tion.” Mnuchin said the
ing to strengthen the con- administration would be
tribution of trade” to their looking at relationships
economies. where the U.S. was buying
By comparison, last year’s more than it could sell to
meeting called on them to President of the German Central Bank Jens Weidmann, center, talks to US’ Federal Reserve Board its partner, and would be
resist “all forms” of protec- President Janet Yellen, left, and U.S. Treasury Secretary Steven Mnuchin during the G20 finance more aggressive in seek-
tionism, which can include ministers meeting in Baden-Baden, southern Germany. ing enforcement of exist-
border tariffs and rules that (Uwe Anspach/dpa via AP) ing rules that would ben-
efit U.S. workers through
keep out imports to shield the Geneva-based World
domestic companies from Trade Organization. The
competition. WTO operates a system of
The statement from the negotiated trade rules and
G20 finance ministers and serves as a forum for resolv-
central bankers helps set ing disputes.
the tone for further global China and European
economic cooperation. countries had pushed for
U.S. Treasury Secretary a stronger affirmation of
Steven Mnuchin, taking cross-border trade without
part in his first international tariffs or barriers. Ironically,
meeting since being sworn China and some European
in, sought to downplay the states tend to intervene
wording issue. He said that more often in private sec-
the statement needed to tor business than the U.S.
reflect the discussion at the government.q

Tillerson lauds China-US contacts

in meeting with leader Xi Jinping

Council resolutions sanc-
Continued from front
tioning North Korea, but
Tillerson’s Beijing visit fol- is adamantly opposed to
lowed his remarks in South measures that might bring
Korea on Friday that pre- about a collapse of North
emptive military action Korean leader Kim Jong
against North Korea might Un’s regime. Beijing fears
be necessary if the threat Kim’s fall would send waves
from its weapons program of refugees into northeast-
reaches a level “that we ern China and see South
believe requires action.” Korean and American
China, the North’s biggest forces taking up positions
source of diplomatic sup- along its border.
port and economic assis- Beijing’s patience with
tance, hasn’t responded Pyongyang appears to be
directly to those com- growing thin, however. Last
ments, although Beijing month, China potentially
has called repeatedly for deprived Kim’s regime of
all sides to take steps to re- a crucial source of foreign
duce tensions. currency by banning im-
China has agreed re- ports of North Korean coal
luctantly to U.N. Security for the rest of the year.q