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在线翻译:
szdaily -> World Economy -> 
G20 fails to defuse trade war threat
    2018-03-22  08:53    Shenzhen Daily

THE world’s financial leaders rejected protectionism Tuesday and urged “further dialogue” on trade, but failed to diffuse the threat of a trade war days before U.S. metals tariffs take effect and Washington is to announce measures against China.

Finance ministers and central bankers of the world’s 20 biggest economies, which represent 75 percent of world trade and 85 percent of global gross domestic product, discussed trade disruptions as a risk to growth at the two-day meeting.

But after talks described by participants as “polite” and mainly consisting of read-out statements with no debate, the G20 agreed only to stand by an ambiguous declaration on trade from 2017 and “recognize” the need for more “dialogue and actions.”

“We reaffirm the conclusions of our leaders on trade at the Hamburg Summit and recognize the need for further dialogue and actions. We are working to strengthen contribution of trade to our economies,” the final G20 ministers’ statement said.

But the declaration did little to dispel concern over a global trade war as the United States’ tariffs of 25 percent on imported steel and 10 percent on aluminum take effect Friday.

Two officials briefed on the matter said U.S. President Donald Trump would also unveil tariffs on up to US$60 billion in Chinese technology and telecoms products by Friday.

The 2017 Hamburg declaration, which the financial leaders referred to Tuesday, said G20 countries would “continue to fight protectionism including all unfair trade practices.”

But it also said G20 leaders “recognize the role of legitimate trade defense instruments,” an ambiguity which provides the United States with a way to argue its cause on the tariffs.

U.S. Treasury Secretary Steven Mnuchin made clear Washington’s tariff action was such a legitimate defense.

“We need to be prepared to act in the U.S.’ interest again to defend free and fair, reciprocal trade,” he said after the talks, adding that there was always a risk that others would reciprocate.

“There’s a risk of a trade war, the president has said we’re not afraid of getting into a trade war, given the size of our market, the size of our economy, and the fact that we have a big trade deficit,” Mnuchin said. “On the steel and aluminum issue, this is a result of unfair trade practices and that’s why we’ve responded that way.” (SD-Agencies)

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