Global trade conflicts triggered by the protectionist policies of US President Donald Trump are set to dominate this weekend's meeting of Group of 20 finance ministers in Buenos Aires. US Treasury Secretary Steven Mnuchin is set to "respond to concerns on US trade policies" in the meeting that groups finance ministers and central bankers from the world's 20 leading economies, including the European Union. But International Monetary Fund chief Christine Lagarde has warned that increasing trade restrictions pose "the greatest near-term threat" to the world economy, despite projected growth of 3.9 percent through 2019. She also warned Trump on Wednesday that "the US economy is especially vulnerable" due to "retaliatory measures." IMF economists say that in a worst case scenario $430 billion, a half point, could be cut off global GDP in 2020 if all tariff threats and retaliation are implemented. On the sidelines of the wider meetings, Group of Seven officials will also hold a one-hour … [Read more...] about Global trade conflicts triggered by Trump to dominate G20 finance ministers meeting
Global trade
Frictionless trade vital for Britain to be global trading nation – Theresa May
Theresa May has warned that failing to reach a frictionless trade agreement with the EU after Brexit “will not deliver for Britain as a global trading nation”.As the British Prime Minister opened Farnborough International Airshow in Hampshire, she stressed the importance of a “business friendly customs model”.Her controversial Brexit blueprint will safeguard millions of aerospace jobs, she told the audience of industry leaders.She insisted that the UK is proposing a “solution” which “respects the referendum result” and does what is “best for our global trading ambitions”. By protecting the supply chains that companies such as Bombardier, Rolls-Royce and Airbus rely on, she said the plan will cement the UK’s position as a leading aerospace nation.Mrs May announced £343 million in additional research and development funding, including investment in new “cleaner and greener” electric aircraft … [Read more...] about Frictionless trade vital for Britain to be global trading nation – Theresa May
Frictionless trade vital for Britain to be global trading nation – PM
Frictionless trade vital for Britain to be global trading nation – PM BelfastTelegraph.co.uk Theresa May has warned that failing to reach a frictionless trade agreement with the EU after Brexit “will not deliver for Britain as a global trading nation”. https://www.belfasttelegraph.co.uk/news/uk/frictionless-trade-vital-for-britain-to-be-global-trading-nation-pm-37123680.html https://www.belfasttelegraph.co.uk/news/uk/article37123681.ece/a522a/AUTOCROP/h342/bpanews_7759ec23-5669-4216-86d3-192b651d62a1_1 Email Theresa May has warned that failing to reach a frictionless trade agreement with the EU after Brexit “will not deliver for Britain as a global trading nation”. As the Prime Minister opened Farnborough International Airshow in Hampshire, she stressed the importance of a “business friendly customs model”. Her controversial Brexit blueprint will safeguard millions of aerospace jobs, she told the audience of industry leaders. She … [Read more...] about Frictionless trade vital for Britain to be global trading nation – PM
EU Advocates Greater Openness of Chinese Economy Amid Global Trade Tensions
Kristian Rouz — EU officials say China could further open up its economy for foreign companies and investment and enhance the transparency of its economic policies if the government in Beijing opted to do so. This statement has dominated the bilateral EU-China summit in Beijing Monday. As both sides are seeking an economic rapprochement. READ MORE: Trump's Trade War to Be Costlier than Feared European Commission President Jean-Claude Juncker urged Beijing to relax its policies in the manufacturing and financial sector in order to facilitate the operation of European companies in the Chinese market. Juncker and European Council President Donald Tusk met with mainland China's Premier Li Keqiang to discuss the issues of unrestricted open trade and multilateralism of the global trading system. © Photo : Olivier HosletEU Urges US, Russia and China to Avoid Trade Wars, Speed Up WTO … [Read more...] about EU Advocates Greater Openness of Chinese Economy Amid Global Trade Tensions
This is how global trade looks before economic wars kick in (INFOGRAPHICS)
Global commerce is descending into the era of trade wars and protectionism. Here is how the global trade environment looks after decades of falling barriers – which are now being set up again. The United States is the leader in imports, buying $2,409 billion worth of goods in 2017, about 13.4 percent of the global total, according to the data quoted by Visual Capitalist. This is $860 billion higher than the country’s sales abroad last year. This deficit has resulted in US President Donald Trump’s tariffs and barriers and the reciprocal action which has triggered trade wars. China and Germany come in at No.2 and No.3 respectively. China buys $1,842 billion worth of goods – 10.2 percent of the global total – while Germany, Europe’s largest economy, imports $1,167 billion (6.5 percent of total) of goods. For more stories on economy & finance visit RT's business section … [Read more...] about This is how global trade looks before economic wars kick in (INFOGRAPHICS)