After delays and hours of discussions amid tensions over ‘trade’ comments between the United States and the rest of The G-20, it appears President Trump has ‘won’. While China was “adamantly against” protectionism, the finance ministers end talks without renewing their long-standing commitment to free trade and rejection of protectionism after US opposition.
The world’s financial leaders are unlikely to endorse free trade and reject protectionism in their communique on Saturday because they have been unable to find a wording that would suit a more protectionist United States, G20 officials said.
This would break with a decade-old tradition among the finance ministers and central bankers of the world’s 20 top economies (G20), who over the years have repeatedly rejected protectionism and endorsed free trade.
But the new administration in the United States is considering trade measures to curb imports with a border tax and would not agree to repeat the formulations used by previous G20 communiques, clashing with China and Europe, the officials said. …
This is an amazing turn of events. The herd is starting to get restless at the gate to the slaughterhouse.