Weekend events recap: battle between free traders and protectionists

G-20 statement: reading between the lines

The US administration has prevailed over the objections of many countries.

The highly-anticipated event – G20 meeting of financial ministers and central bank governors – ended on Saturday with a historically unusual outcome. The group set aside its all-time favorite pledge to avoid all form protectionism and signed up to a non-committal “we are working to strengthen the contribution of trade to our economies” implicitly highlighting the need of protectionism.

In addition, the group members had to commit themselves to refrain from competitive devaluations of their national currencies and not to target their exchange rate for competitive purpose.

We bet you managed to hit a likeness of the tone of the statement with the US Administration goals and recent Donald Trump’s accusation.  Since the very inauguration of Mr. Trump, it has been said that the new administration will be closely looking into the possibility of a border adjustment tax to raise budget revenue thereby offsetting the planned tax cuts for US entrepreneurs and higher outlays on infrastructure.

German Chancellor Angela Merkel – US President Donald Trump clashes on trade

The meeting highlighted the Merkel-Trump divides on trade policy and personality. 

Trump repeated his criticism of German, having said that the country is involved in some sort of currency manipulations.

Angela Merkel tried to convince Donald Trump that protectionist trade policies would hurt the economic activities of both countries.  

Conflict of personalities

US Treasury Secretary Steven Mnuchin met with his German counterpart in Berlin and identified the cause of Trump-Merkel controversies.  The thing is that “Donald Trump is a disrupter and she is a preserver.” Angela Merkel want to preserve the EU integrity, she wants to maintain NATO. She is wary of Mr. Putin. And Trump is every one of these it different.  

A hairy moment from the conference 

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Merkel found a like-minded fellow in the person of Abe

German Chancellor Angela Merkel and Japanese Prime Minister Shinzo Abe ranged themselves against the US protectionist threats having said that global markets can be both open and fair. They started discussing a free trade accord between Japan and the EU as a way to convince other nations in benefits of an interconnected global economy (free trade, open markets, and investments). 

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