Jobs, climate, steel highlight Trump’s effect on the G20
US President wins in push for tougher language on steel capacity
Donald Trump’s debut Group of 20 summit yielded a concluding statement covered with the US president’s fingerprints. While the meeting was marred by clashes and vandalism in protests throughout Hamburg, inside the summit venue leaders largely avoided the incendiary — striking a deal on trade while agreeing to disagree on climate.
Here are the main points of the 2017 G-20 communique, as seen by Bloomberg News: Trade The leaders will “continue to fight protectionism including all unfair trade practices and recognise the role of legitimate trade defence instruments in this regard.” All countries but the US will hail the first part of that phrase — the anti-protectionism pledge — while Trump may have a wider definition of “legitimate” trade measures than his peers. Leaders also noted the need for “reciprocal and mutually advantageous trade,” evoking dealmaker Trump’s transactional view of the world. Steel Leaders committed to “rapidly develop concrete policy solutions that reduce steel excess capacity” and called on members of a global forum on steel — struck up at last year’s G20 in China — to “fulfill their commitments on enhanced information sharing” within one month. The tougher language is a policy victory for Trump as he considers new tariffs and quotas on US steel imports. Climate The US “announced it will immediately cease the implementation of its current nationally-determined contribution and affirms its strong commitment to an approach that lowers emissions while supporting economic growth and improving energy security needs.” While leaders “take note” of the US decision to pull out of the Paris Agreement, all but Trump “agree that the Paris Agreement is irreversible.” Global economy “We will continue to use all policy tools — monetary, fiscal and structural — individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth, while enhancing economic and financial resilience.”
This wasn’t contentious and is in line with previous G20 statements. The 1% “We recognise that the benefits of international trade and investment have not been shared widely enough. We need to better enable our people to seize the opportunities and benefits of economic globalisation.”
This section mirrors tougher language used in the G-7 statement in May and reflects Trump’s insistence that trade must be “fair” as well as free. WTO “We underline the crucial role of the rules-based international trading system” including importance of “WTO-consistent” bilateral pacts. This is win for the Europeans, who insisted on recognition of the WTO in the face of Trump administration scepticism of the multilateral trading regime. Migration
“We emphasise the sovereign right of states to manage and control their borders and in this regard to establish policies in their own national interests and national security, as well as the importance that repatriation and reintegration of migrants who are not eligible to remain be safe and humane.”
This again is tougher language that is a nod to efforts by Women For the first time, G20 leaders agreed that “enhanced equal access” for men and women to property, employment and financial services “are fundamental for achieving gender equality and full realisation of their rights.” Leaders also agreed that “more needs to be done” to cut the labour-force participation gender gap.
BLOOMBERG