The world’s financial leaders will pledge to fight unfair trade practices and stress the role of global trade rules when they meet on March 20, as the United States raises the threat of a global trade war by imposing import tariffs on steel and aluminium.
Finance ministers and central bank governors of the world’s 20 biggest economies will discuss on March 19-20 in Buenos Aires the risks to the improving global economic outlook, including “a retreat to inward looking policies”.
US President Donald Trump last week announced he would impose import tariffs of 25 per cent on steel and 10 per cent for aluminium.
A draft communique prepared for the meeting, seen by Reuters, says the ministers and central bankers “reiterate the conclusions of our leaders on trade at the Hamburg Summit, and are working to strengthen its contribution” to their economies.
Last week, US President Donald Trump announced he would impose import tariffs of 25 per cent on steel and 10 per cent for aluminium to protect domestic metals production that he said was vital to national security.
Canada and Mexico are exempt from the tariffs. The European Union has been pushing to be exempted too, but so far without success.