• News
  • Business

Japan's Aso: No G20 member was against free trade

Making only a token reference to trade in their communique, finance ministers and central bank chiefs from the world's top 20 economies broke with a decade-long tradition of endorsing open trade, a clear defeat for host nation Germany, which has fought to maintain the G-20's past commitments.

Germany dropped the no-protectionism pledge early on in the process, the Associated Press reports, to avoid antagonizing the United States delegation.

Merkel said globalization and free trade could be fairer but both had worked for Germany.

He said the statement must reflect the discussion at the current summit.

Commitments of support to the existing multilateral trade system, including the World Trade Organization (WTO), were also conspicuously missing from the final communique.

"We believe in free trade", he said, adding however that "balanced trade needs to be what's good for us and what's good for other people, a win-win situation".

"To the extent the agreements are old agreements and need to be renegotiated, we'll consider that as well". That could include job training and education, since the International Monetary Fund says trade and globalization have benefited higher-skilled workers.

The threat of new protectionist policies and border taxes from the White House have created headaches for countries that rely on America for trade. Ironically, China and some European states tend to intervene more often in private sector business than the US government.

More news: Putin tells Le Pen that Russian Federation 'doesn't want to influence' French election

"What is relevant is what we agreed as a group: to strengthen the contributions of trade to our economies", he said. But attempts to include such language did not find agreement.

Trump and other critics of free trade argue that it can cause jobs, such as in the labor intensive manufacturing sector, to move to lower-cost countries.

In the new US administration's biggest clash yet with the worldwide community, G-20 finance chiefs rowed back on a pledge to reject protectionism and maintain an open and inclusive global trade system.

Proponents say technological advances, such as automation, are more to blame for the loss of jobs. But they argue that trade restrictions will not help those left behind by the globalized economy and point to better training and education as part of the answer.

Mr Trump has already pulled the USA out of a proposed free trade deal with Japan and other countries. He also has started the process to renegotiate the North American Free Trade Agreement with Mexico and Canada.

German Finance Minister Wolfgang Schauble said the meeting had reached an impasse when it came to the issue, and added that his counterparts could not "force partners" - read the United States - "to go along with wording with which they don't agree". Without mentioning a country by name, he said, "Maybe one or the other important member state needs to get a sense of how global cooperation works".

The G-20 is an informal forum on economic cooperation made up of 19 countries with more than 80 percent of the world economy, plus the European Union.

Worldwide trade makes up nearly half of global economic output and officials said the issue could be revisited at a meeting of G20 leaders in July.

Leave Your Comment

Leave Your Comment


Latest News

  • Another significant severe weather day expected on Tuesday

    Another significant severe weather day expected on Tuesday

    "Damaging winds and large hail will be the main threats, with an isolated tornado possible", officials said in a statement. Showers and storms this afternoon and evening will bring the threat for severe weather into central and eastern Kentucky.

    'Earth Hour' Turns 10, Let's Ask Ourselves Are We Doing Enough?

    Earth Hour launched in Sydney in 2007, with 2.2 million people and 2,100 businesses switching off their lights. Lights will be voluntarily switched off from 8:30 to 9:00 PM from buildings, reports 24 News HD.
    Israeli Official Denies Claims US Demanded Freeze in Isolated Settlements

    Israeli Official Denies Claims US Demanded Freeze in Isolated Settlements

    On the one hand, Susser said, there was "the clear-cut pursuit of state interests" while on the other it led to Islamism.
  • College Basketball Tournament Recap: Saturday, March 25th

    Luke Maye recorded his first career double-double with 16 points and 12 rebounds, helping fuel a quick start for Carolina (30-7). Heading into Saturday, 42 schools had made it to the Final Four at least once since the tournament expanded to 64 teams in 1985.
    Kennedy: House Intelligence chairman must recuse himself

    Kennedy: House Intelligence chairman must recuse himself

    Both Schiff and Nunes also addressed the issue of President Trump's baseless claims that former President Obama had his campaign under illegal surveillance.
    JCC Bomb Threats: Police Arrest Teenager In Israel

    JCC Bomb Threats: Police Arrest Teenager In Israel

    As NPR has reported , multiple waves of bomb threats targeted Jewish community centers across America over the past three months. It's unclear how numerous threats today's arrestee was responsible for, but investigators are treating him as a central suspect .
  • Virtual band Gorillaz launches virtual music video to promote Humanz album

    Virtual band Gorillaz launches virtual music video to promote Humanz album

    Also, tomorrow, Friday, March 24, Gorillaz will perform the entire album live at a show in London at a secret location . The album will be the virtual band's fourth full-length LP, and their first release since 2010's " Plastic Beach ".
    Bombay High Court asks protesting doctors to join work or face action

    Bombay High Court asks protesting doctors to join work or face action

    But Chief Justice Chellur was of the opinion that the resident doctors can not put the public at large in trouble. But doctors refused to budge till some of their demands in terms of security were implemented immediately.
    Kim Kardashian Explains Why She's Better Than Ever After Her Paris Robbery

    Kim Kardashian Explains Why She's Better Than Ever After Her Paris Robbery

    During the show, Kanye told his wife: "If anything happened to you, I wouldn't have stopped until they were dead". She also addressed rumours that she staged the robbery in the episode, saying "why would anyone make that up".
  • How will Cincinnati-area representatives vote on Obamacare replacement?

    How will Cincinnati-area representatives vote on Obamacare replacement?

    Recent counts indicated about 28 Republicans meant to vote against the measure, which would stop the overhaul. About 45 percent of Kern County residents receive health care through MediCal, the state's Medicaid system.
    Google Maps now enables location sharing

    Google Maps now enables location sharing

    You can even configure this option to provide an alert when you're coming close to your time expiration or when time has expired. Simply opening the notification allows them to not only see your location but also in return share their exact coordinates.
    New The Walking Dead season 7 image reveals Sasha's fate (SPOILERS)

    New The Walking Dead season 7 image reveals Sasha's fate (SPOILERS)

    Gregory doesn't look at the note before Simon shoves it in his pocket, so we don't know what's really written on it. When Norman Reedus allows us to witness a Daryl breakdown, it might as well be rocket fuel for our tear ducts.
  • India vs Australia 4th Test team news and playing XI

    India vs Australia 4th Test team news and playing XI

    I thought he did a pretty good job last week (in Ranchi) when he was out on the field in Virat's absence. The stage is really set now for a fantastic fourth test match and the guys are really excited by that".

    Foreign minister tries to save cop killed in British Parliament attack

    The police officer appeared to be covered by grey blankets soon after. "This was not only an attack on innocent people". He was later seen with blood on his forehead, hands and shirt cuffs while talking with staff at the Foreign Office.
    Selena Gomez answers 73 questions with 'Vogue'

    Selena Gomez answers 73 questions with 'Vogue'

    It seems Gomez has had a limitless imagination since she was little, saying The Wizard of Oz was her favorite film growing up. And though Gomez didn't get too deep in her new interview , she revealed a lot of her personality in the new video.
  • Thousands take to streets in opposition rallies across Russia (VIDEOS, PHOTOS)

    Thousands take to streets in opposition rallies across Russia (VIDEOS, PHOTOS)

    As of midday in Moscow , state news media had not reported the protests. In Saint-Petersburg, about 4,000 people gathered in the city centre.
    MPs honoured for their response to Westminster terror attack

    MPs honoured for their response to Westminster terror attack

    The Bournemouth East MP covers deals with the Middle East, Africa and counter terrorism as part of his Foreign Office brief. His brother, Jon, died in the Bali terror attack in October 2002, which killed 202 people, including 27 Britons.
    Super Mario Run Android Version Gets An Early Release; Details Here

    Super Mario Run Android Version Gets An Early Release; Details Here

    The company may have released " Fire Emblem Heroes " in February as a freemium game, but that might actually just be a one-off. The company confirmed in a January earnings report that mobile-bound Animal Crossing will be coming in the next fiscal year.

Breaking News



Recommended

President Trump to sign executive order to undo Obama's fossil fuels regulations

But challengers say the rule exceeds the EPA's statutory authority and goes beyond the bounds set by the Constitution. He complained some people seemed to think that if "you're pro-growth, pro-jobs, you're anti-environment".

EU Approves Dow-DuPont merger

Dow and DuPont were expecting the merger to be approved last fall, but asked for an extension in September. It said the asset sales would ensure competition in the sector and benefit European farmers and consumers.

Earth Hour 2017 Brings Global Blackout

People can sign up online at www.earthhour.org and are encouraged to ask others to shut down for the hour. It is about changing climate change and taking relevant action to mitigate climate change.

Iran blacklists Raytheon, 14 United States firms

The sanctions target firms that provide arms and equipment to Israel "for use against the Palestinians", IRNA reported. Congress passes a bill which would designate Iran's Revolutionary Guards Corps as a terrorist organization.

Brexit Chills EU's 60th Anniversary Celebration in Rome

This is our real test. "The success of the Union hinges on our ability to implement the social pillar". Muscat argued that reflecting on the values that molded Europe was not about "being romantic".

CA's unemployment rate hits 5 percent, the lowest in 10 years

Ohio's rate was a bit higher than the national rate, which dropped from 4.8 percent in January to 4.7 percent last month. Data from the Bureau of Labor Statistics shows that Iowa now has a seasonally adjusted unemployment rate of 3.2 percent.

Gonzaga vs. WVU: Score and Twitter Reaction from March Madness 2017

Gonzaga only shot 37.5 percent (9-24) in the 1st half , but Johnathan Williams was a ideal 4-for-4 and scored 11 points. By the time it was over, the Mountaineers led by three points despite shooting below 30 percent from the field.

Phillauri movie verdict: Anushka, Diljit chemistry worth to watch

Adding, "The film has powerhouse performers with Anushka Sharma, Diljit Dosanjh and Suraj Sharma - all award-winning actors". The script is depicted in a romantic comedy scenario so it is expected that the toddlers will also like the movie.

Video shows cops running down gun-toting, wanted woman

Newly released dashcam video shows the moment a patrol auto ran over a wanted woman who was involved in a shootout with police. Check out the insane footage below thanks to LiveLeak , but heads up: this might be tough to watch for some folks.

5-Star Michael Porter Jr. Has 4 Top Schools After Reopening Recruitment

I went there knowing I could make a big difference at a school that didn't have anything like that before. According to Oregon Live, Porter averaged 34.8 points and 13.8 rebounds per game this season.