Sunday, March 19, 2017

POLITICS_ G20 Financial Leaders Acquiesce to U.S., Drop Free Trade Pledge


G20 Financial Leaders Acquiesce to U.S., Drop Free Trade Pledge

By Balazs Koranyi
and Gernot Heller
Published March 18, 2017 -  Politics  - Reuters


Financial leaders of the world's biggest economies dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist United States after a two-day meeting failed to yield a compromise.

Breaking a decade-long tradition of endorsing open trade, G20 finance ministers and central bankers made only a token reference to trade in their communique on Saturday, a clear defeat for host nation Germany, which fought the new U.S. government's attempts to water down past commitments.

In the new U.S. administration's biggest clash yet with the international community, G20 finance chiefs also removed from their statement a pledge to finance the fight against climate change, an anticipated outcome after U.S. President Donald Trump called global warming a "hoax."



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