G-20 faces urgent task of averting global trade war


  • Business Premium
  • Friday, 12 Nov 2010

SEOUL, South Korea: Leaders of the world's 20 biggest economies faced the urgent task at their summit Friday of resolving a U.S.-China currency dispute that has raised the specter of a global trade war.

But a draft of the joint statement to be issued at the end of the Group of 20 summit — obtained by The Associated Press — indicates that huge differences remain on how to deal with U.S. accusations that China deliberately undervalues its currency to gain a trade advantage. Similar accusations are being made against the United States.

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