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G20 sees downside risks to global economy from trade war
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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.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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