G-20 leaders struggle to find compromise on trade policy

Trump Considers Hard Line on Chinese Steel in Advance of G20 Summit

Trump Considers Hard Line on Chinese Steel in Advance of G20 Summit

They called the deal to reduce greenhouse gases "irreversible" and vowed to implement it "swiftly" and without exception.

"The G20 countries that had hit US interests more often before President Trump was elected are the very G20 countries that have cut back on protectionism the most in 2017", said Simon Evenett, professor of economics at Switzerland's St. Gallen University and one of the authors of the Global Trade Alert.

According to the U.S. International Trade Administration, Canada supplies 20 percent of America's overall steel imports, followed by Brazil, which supplies 13 percent. "The way the administration is approaching this does not seem destined to produce a good outcome", she said.

"There's a big difference between being unpredictable with your adversaries and being erratic with your friends and allies", said Daniel Price, former global economic affairs adviser to President George W. Bush, who helped organize the first G-20 summit in 2008. He said having "a diversity of opinions in a group of 20" was not unexpected. "Going into the G-20, [the proposed trade pact is] demonstrating that indeed the European Union and Japan want to continue to have a liberal trade agenda and show that there are other countries able to pursue this agenda without the United States". Trump said in an early morning tweet. "A South Korean trade group said on Monday that China had imported much more iron in the last few months than previously", the newspaper reported.

On Friday, Cecilia Malmstrom, the European trade commissioner, warned the Trump administration that new tariffs would face a challenge in the World Trade Organization.

An assertive US president willing to tear up existing deals.

European Commission officials declined to go into detail about what form the retaliation would take, and would not comment on a Financial Times report that the EU could hit imports of bourbon and orange juice.

SoundCloud cuts 40% of workforce, closes London office
Music Streaming App, SoundCloud is very popular among users and is considered to be the favorite tool of artist. Ljung maintained that the layoffs were made in an attempt to ensure "long-term, independent success".

Targets could include American whiskey imports.

HAMBURG Leaders from the world's top economies meet to forge a consensus on trade and climate change on Saturday after setting their staff to work through the night to find agreements that eluded them on the first day of their summit.

The EU demonstrated its willingness to move ahead with free trade despite Trump by announcing a trade agreement with Japan on the eve of the summit. That meant a first section with a broad pledge to fight climate change in general; a separate paragraph carved out that acknowledged the US did not support the Paris deal; and a third paragraph in which the other 19 members reaffirmed their support for the deal.

"The communiqué is overall a good achievement because all the fundamentals are there", a European Union official said, as concern that the USA would be isolated from the rest of the group largely faded.

The results of the summit aren't absolutely decisive, on either the trade or the climate issue. Steel and specialty alloys are heavily used for armor, vehicles, ships, aircraft and infrastructure. Additionally, U.S. states and private companies can pursue lower emissions on their own. "We have a G-20 communiqué, not a G-19 communiqué".

It is also clear that there are sharp differences emerging on what exactly the West, the block of liberal, democratic, globalized nations, that have dominated global politics since World War II, should stand for.

The meetings competed for attention with rioting by anti-capitalist demonstrators outside the heavily secured Hamburg Messe convention center. Japan's Nikkei 225 closed the day up 0.25%, and South Korea's KOSPI actually climbed 0.33%.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.