G20 fails to mend trade rift, chair urges pro­tag­o­nists to re­solve dis­putes

Tehran Times - - ECONOMY -

Trade ten­sions within the Group of 20 lead­ing in­dus­tri­alised and emerg­ing economies could only be solved by the coun­tries di­rectly in­volved, the chair­man of a meet­ing of fi­nance lead­ers from the G20 said af­ter a gath­er­ing in Bali on Fri­day.

Tak­ing place on the side­lines of the In­ter­na­tional Mone­tary Fund and World Bank meet­ings on the In­done­sian is­land, the G20 meet­ing pro­vided lit­tle more than a fo­rum for mem­ber coun­tries to put their view­point on an es­ca­lat­ing tar­iff war be­tween the United States and China, the world’s two big­gest economies.

“We recog­nise we are now fac­ing trade ten­sions among mem­bers of the G20,” Ar­gen­tine Trea­sury Min­is­ter Ni­co­las Du­jovne, chair­man of this year’s G20 fi­nance lead­ers’ meet­ing, told a news brief­ing, without di­rectly men­tion­ing ei­ther the United States or China.

“The G20 can play a role in pro­vid­ing the plat­form for dis­cus­sions. But the dif­fer­ences that still per­sist should be re­solved by the mem­bers that are di­rectly in­volved in the ten­sions.”

The United States and China have slapped tit-for-tat tar­iffs on hun­dreds of bil­lions of dol­lars of each other’s goods over the past few months, jolt­ing fi­nan­cial mar­kets and stok­ing fears the ris­ing tide of pro­tec­tion­ism could dent global growth.

Du­jovne said that while global growth pro­jec­tions re­main steady, the ex­pan­sion has be­come less even across economies as down­side risks ma­te­ri­alised.

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