World powers fail to agree to oppose trade protectionism
Posted Mar 18, 2017 11:08:24 AM.
This article is more than 5 years old.
BADEN-BADEN, Germany – The world’s top economic powers have failed to agree on a joint position explicitly opposing trade protectionism amid pushback from the U.S. government.
Finance ministers at the Group of 20 meeting issued a statement that was milder than their last one from 2016.
The group’s final statement Saturday said that countries “are working to strengthen the contribution of trade” to their economies. By comparison, last year’s meeting called on them to resist “all forms” of protectionism.
The statement, while nonbinding, is important as it helps set the tone for global economic and financial policy.
Protectionism can include border tariffs and rules that favour a country’s businesses over those in another economy.
