G-20 Drops Anti-Protectionist Pledge as Price of U.S. Assent

 

March 18, 2017, 10:06 AM CDT March 18, 2017, 12:20 PM CDT
  • Finance chiefs tussled over multilateralism and fair trade
  • Topic may come under closer scrutiny at leaders summit in July
g20

Photographer: Franziska Kraufmann/picture-alliance/dpa/AP Images

Finance chiefs of the world’s largest economies set aside a pledge to avoid protectionism and signed up to a fudged statement on trade instead, in response to the Trump administration’s call to rethink the global order for commerce.

Group of 20 nations said in a communique on Saturday that they are “working to strengthen the contribution of trade to our economies.” While the U.S. didn’t get all it wanted — such as a explicit pledge to ensure trade is fair — that’s a much pared-down formulation compared with the group’s statement last year, and omits a promise to “avoid all forms of protectionism.”

In two days of meetings in the German town of Baden-Baden, the argument by U.S. Treasury Secretary Steven Mnuchin, in his first appearance at an international forum in the role, reflects claims by President Donald Trump that his nation has had a bad deal from the current global trade setup. That attitude pitched him against most other delegates, who favored a multilateral, rules-based system as embodied in the World Trade Organization.

“My view is that the Americans were doing what any new administration would do — they were looking at the language through their lens,” said Bill Morneau, Canada’s finance minister, who made a last-ditch push for the compromise. “Their lens is: how can trade benefit the U.S.? Everyone else has the same lens, but every other country has the advantage of being at the previous meeting.”

The mood was highlighted the previous day at the White House, where Trump met German Chancellor Angela Merkel and repeated his complaints that his country has been treated “very, very unfairly” in trade arrangements.

While delegates greeted Mnuchin and said that he had been engaged in the process, they said he didn’t elaborate on how the U.S. considers itself to be treated unfairly. It wasn’t possible to reconcile his stance and that of the other members in any substantive way. Officials may continue to seek greater consensus on trade between now and the G-20 leaders summit in Hamburg in July.

I “regret that our discussions today didn’t end in a satisfactory manner,” French Finance Minister Michel Sapin said in a statement. In a press conference later, he said that “there wasn’t a G-20 disagreement, there was disagreement within the G-20 between a country and all the others. This isn’t a caricature, this is the reality of things.”

The communique also committed to “further strengthening the global financial architecture” and said members support work to finalize the Basel III framework on bank regulation. It dropped a reference to climate change, in the face of resistance from countries including the U.S., China, India and Saudi Arabia.

Economic Cooperation

As the end of the day approached, G-20 host Germany found itself trying to broker fresh compromises or risk dropping trade from the statement altogether. The final result was a statement longer on generalities than hard promises.

“We met at a time when the global economic recovery is progressing,” the G-20 said at the start of the communique. “But the pace of growth is still weaker than desirable and downside risks for the global economy remain. We reaffirm our commitment to international economic and financial cooperation.”

 

US Secretary of State prevents journalists except one

 

Arab and international

Since 03/19/2017 15:22 am (Baghdad time)

Balances News – Follow-up

US Secretary of State Rex Tillerson, defended his decision not to allow journalists to travel with him during a diplomatic trip to East Asia.

Said Tillerson, “We do not hide anything about the media coverage”, stressing that the large media institutions have correspondents abroad will be able to cover the news. Said Tillerson: “They have people there, which means that they will be able to cover what is happening there.”

And it booked the American media institutions for tens of years, seats for journalists to travel and accompany American diplomats during their travels around the world, but Tillerson refused this and decided to allow one journalist from BuzzFeed to attend.

And create a Tillerson decision some sort of confusion for his visit to South Korea, journalists Absent, conflicting news about the reason for not eating Tillerson for dinner with the Korean president.

Korean officials said that Tillerson was feeling tired, and denied that he himself said that the Koreans did not call him to dinner from the foundation.

It is noteworthy that Tillerson trip will include visits to South Korea, Japan and Chin.anthy 29

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Vice: Abadi is forced on external borrowing to finance the country

 

Economy

Since 03/19/2017 18:40 (Baghdad time)

Special – balances News

The MP for the Liberal bloc Riad Ghali Saadi, Sunday, Prime Minister Haider al-Abadi, is forced to finance his country from external borrowing, pointing out that his shuttle tours in the countries of the world, carrying with it the country under the economic file.

Boutros-Ghali said, l / scales News /, “The steps of Prime Minister Haider al-Abadi, on the shuttle tours conducted by the countries of the world, in order to improve the reality and economic reconstruction of the liberated areas,” citing the saying, “Everyone knows that he was chairman of the Economic Committee and after the financial when he was a member of the House of Representatives, therefore it is an economic man who is able to solve the deficit suffered by the country because of the previous government. ”

He added that “Abadi is forced to carry out a large number of external borrowing to finance some of the important projects, in addition to the belongings of war, as well as critical underlying the rehabilitation of the liberated areas.”

This office announced Abadi, on Sunday, directed Prime Minister Haider al-Abadi, head of the government delegation to the United States, at the invitation of President Donald Trump.

Abadi intends, during his visit to Washington, put the economic file and rehabilitation of liberated cities, and the advancement of the country and to end the fiscal deficit, ended 29

From: Ali Apostolic

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Three Saudi leaders killed, including a Saudi east of Samarra

Baghdad – Journal News

On Sunday, the popular crowd killed three guerrilla leaders, including a Saudi national, east of the city of Samarra in Salahaddin province.

“Major General 313 in the popular crowd targeted a gathering of a criminal terrorist in southeastern Samarra, killing three leaders, including a Saudi, and wounding 17 others,” a crowd statement said.

 

Abadi: Iraq is ahead of the reconstruction campaign and this is the role of the coalition

 

Baghdad – Journal News

Prime Minister Haidar al-Abadi said that Iraq is preparing for a large-scale reconstruction campaign.

“All the regions of Iraq need care and services … and we need international support,” Abadi said in a televised address before heading to Washington this afternoon for an official visit. “The whole world stands with Iraq in its fight against terrorism.”

He added that the Iraqis alone are fighting on the ground to expel a supporter of Iraq, noting that the coalition forces provide support and expertise to the Iraqi forces valiant.

“The Iraqi forces have won the admiration of the world on how to deal with the citizens during the liberation of the left side of Mosul and continue to fight on the right side to expel a terrorist from Iraq.”

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