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G20 sealed landmark deal on world trade reform by ducking 'taboo words'


  • Economy
  • Monday, 3 Dec 2018

First among those taboos is "protectionism". The U.S. administration has become sensitive to criticisms after President Donald Trump has imposed tariffs not only on $250 billion of Chinese goods but also on steel and aluminium imports that hit several of his G20 partners. China, meanwhile, steadfastly opposed the inclusion of the usual calls for "fair trade practices," delegates said. Beijing rejects criticisms from the United States, Europe and Japan for dumping, industrial subsidies, abuse of intellectual property rights and technology transfers, amongst other practices.(Picture shows China's XI and US' Trump)

First among those taboos is "protectionism". The U.S. administration has become sensitive to criticisms after President Donald Trump has imposed tariffs not only on $250 billion of Chinese goods but also on steel and aluminium imports that hit several of his G20 partners. China, meanwhile, steadfastly opposed the inclusion of the usual calls for "fair trade practices," delegates said. Beijing rejects criticisms from the United States, Europe and Japan for dumping, industrial subsidies, abuse of intellectual property rights and technology transfers, amongst other practices.(Picture shows China's XI and US' Trump)

BUENOS AIRES: Many delegates from the world's 20 largest economies arrived at a summit in Argentina this week determined to clinch an agreement to reform the global trade system, pushed to a breaking point by tensions between the United States and China.

To do so, they had to bow to U.S. and Chinese demands to drop some of the pledges that have become hallmarks of the Group of 20 industrialized nations, which represents two-thirds of the global population.

Economy , Corporate News

   

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