Posted on: 20/03/2017
Global stock markets were trading lower Monday after finance ministers from the world's major economies dropped a pledge to oppose trade protectionism from a weekend statement due to resistance by the Trump administration. Finance ministers and central bankers from the Group of 20 major economies dropped a pledge to eschew protectionism in a statement Saturday under U.S. pressure. In his campaign to become president and since his inauguration, Donald Trump has sounded more protectionist than his predecessors. He has promised to rewrite already-existing free-trade deals and has ditched the Trans-Pacific Partnership, a proposed pact between 12 countries that border the Pacific Ocean which represented around 40 percent of global economic output. U.S. Treasury Secretary Steven Mnuchin tried to downplay the wording issue, arguing that the language used previously was "not really relevant" and that Washington still supports free trade.
The Wall Street Journal Article Treasury’s Mnuchin Fends Off Push to Reject Protectionism 19th March 2017
Members of the G20 are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
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