Trump 1, free trade 0: G20 nations bows to U.S. pressure

  • Trump 1, free trade 0: G20 nations bows to U.S. pressure

Trump 1, free trade 0: G20 nations bows to U.S. pressure

The G20 meeting in the German spa town of Baden-Baden marked his first appearance in an worldwide forum since he was appointed to the position.

China's central bank governor Zhou Xiaochuan, on the same day, said the BRICS should further step up cooperation under the framework of the Group of Twenty (G20), especially in fields of worldwide financial architecture, inclusive finance and green finance. U.S. Treasury Secretary Steven Mnuchin tried to downplay the wording issue, arguing that the language used previously was "not really relevant" and that Washington still supports free trade.

He has already pulled the US out of a proposed free trade deal with Japan and other Pacific Rim countries and is trying to renegotiate the North American Free Trade Agreement with Mexico and Canada.

I "regret that our discussions today didn't end in a satisfactory manner", French Finance Minister Michel Sapin said in a statement.

U.S. Treasury Secretary Steve Mnuchin after meeting with German Finance Minister Wolfgang Schaeuble in Berlin, Germany, March 16, 2017.

China will work actively with parties concerned to push forward the financial cooperation among the BRICS countries and make more achievements, China's finance minister and central bank chief have said.

In Southeast Asia, oilfield services firm Ezra Holdings of Singapore filed for U.S. Chapter 11 bankruptcy on Saturday. "We have reached an impasse", Mr Schäuble said, later adding: "We did go to great lengths, we tried everything, we went down many avenues together and unilaterally". The development led to warnings over the weekend on the outlook for trade, a key issue for host nation Germany, which fought the new United States government's attempts to water down past commitments.

Clear support emerged last week from Group of 20 (G20) members' Finance Ministers and central bank governors for the broadening of worldwide economic and financial cooperation with African countries to "foster sustainable and inclusive growth" in line with the African Union's Agenda 2063.

"We will consult closely on exchange markets", they said.

The leaders said they don't know whether they will be able to influence his thinking, but they feel he has a willingness to listen, several G-20 attendees said.

One beneficiary of GOP's tax bill: President Trump. "He is very constructive and talking about good relationships with all of his global counterparts".