SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 21 Apr, 2018  

G20.thmb.jpg G20 sees downside risks to global economy from trade war

g20.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
IANS | 21 Apr, 2018
Financial leaders from the Group of 20 (G20) have expressed concerns that trade disputes among major economies could pose downside risks to the global economy, Argentine Treasury Minister Nicolas Dujovne has said.

"Concerns on trade disputes occupied some part of the discussions that we had yesterday, and, of course, it is still one of the three main concerns in terms of the downside risks for the economy," Dujovne told reporters in Washington on Friday after wrapping up a two-day meeting of G20 finance ministers and central bank governors under Argentina's presidency, Xinhua reported.

"We discussed trade and the potential impacts on the global economy and the potential disruption that modifications on the trade scheme can actually pose to the global economy," he said.

While some differences over trade appeared in the last few months, Dujovne said G20 members "still have a very big consensus on the benefits of trade for growth."

"The idea that the gains from trade have to be evenly shared is a concern that was placed both by advanced economies and emerging economies," echoed Argentine central bank governor Federico Sturzenegger, noting "there was general appeal for multilateralism".

However, the G20 meeting didn't discuss specific trade measures, which are appropriate for the World Trade Organization (WTO) to deal with, according to Dujovne.

Chinese Vice Finance Minister Zhu Guangyao said at the meeting that current global recovery is facing "substantial challenges from a strong wave of anti-globalization and unilateralism."

He urged G20 members to "firmly support the multilateral trading system" and strengthen macroeconomic policy coordination so as to lay a solid foundation for sustainable global growth, according to a statement posted on the website of China's Ministry of Finance.

The G20 meeting comes after the Trump administration recently announced additional tariffs on imported steel and aluminium and threatened to impose broad tariffs against Chinese imports.

These unilateral protectionist measures have sparked widespread criticism and provoked threats of retaliation from major trading partners, raising the prospect of escalating global trade conflicts that threaten global recovery.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter