US Treasury Secretary Steven Mnuchin called on China and the EU on Saturday to respect "free, fair and reciprocal trade" as his French counterpart sent back that the US "needed to make sense" in the face of fears of global trade conflict [1
But far from backing out, Trump's outbursts calling China, the EU, and Russia trade "enemies" backed Mnuchin's president, especially for threatening to punish China with punitive tariffs on all of the $ 500 billion in goods blackmail, which exports it to the US.
"It's definitely a realistic possibility, so I would not minimize the possibility – we were very clear with our goals," Mnuchin told reporters before the start of the two-day G20 summit, which brings the world together 20 l (19659005) " We share a desire to have a more balanced relationship, and the balanced relationship results in us selling more goods (to China). "
The US trade deficit with China totaled nearly $ 376 billion in 2017.
Mnuchin said that China "needs to open its markets so we can compete fairly," although he insisted that this "had a tremendous opportunity for us and a tremendous opportunity for China ".
Brewing Global The trade conflict should always dominate talks in the Argentine capital, and Mnuchin made no secret that this is the US's top priority.
Regarding the EU, Mnuchin said that it needed to make substantial concessions in order for there to be free trade agreement with the US
"My message is pretty clear, it's the same message the President sent to the G7 said: "If Europe believes in free trade, we are ready to sign a free trade agreement with no tariffs, no non-tariff barriers and no subsidies, all three."
– "Only losers" –
France's financial and monetary union Economics Minister Bruno Le Maire struck back and urged the US to "make sense".
"This trade war will only produce losers, it will destroy jobs and put pressure on global growth," Le Maire told AFP.
"We urge the United States to recognize meaning, to respect the rules of multilateralism, and to respect its allies."
Trump's protectionist measures led to his being sued for tariffs on steel and aluminum imports , Allies of the EU, Canada and Mexico Angered and Initiated Retaliatory Measures.
The US President has also threatened to write off foreign car imports – a major concern for Germany
"Global trade can not be based on the survival of the fittest," said Le Maire.
The Chair of the International Monetary Fund, Christine Lagarde, opened the summit and reiterated her fears that increasing trade restrictions would affect global GDP. Lagarde said that "curren The IMF simulation indicates that at worst half a point would be cut from global GDP, which amounts to some $ 430 billion.
– Stabilizing the Argentine economy –
Small protests against The IMF was staged in the center of Buenos Aires both on the eve of the summit and on Saturday, with the natives plunging 35 percent between April and June.
Argentina secured an IMF loan of 50 billion in June Dollar as the economy sank as investors' confidence in the crisis-hit emerging markets plunged around $ 14 billion between May and June
"The Argentine authorities implement a key reform plan backed by the international community and supported by the IMF" said Lagarde.
"The Argentine Central Bank has introduced measures to help to reduce financial volatility and improve transparency. "Lagarde said that growth in the country will" stabilize "The year 2018" with a "gradual recovery in 2019 and 2020".
Mnuchin was away from trade to alleviate fears in the US that Trump would "jeopardize" the US Federal Reserve's independence after plunging the Fed's rate hike into crisis TV interview broadcast on Thursday
"The President has made it very clear to me that he supports the independence of the Fed," Mnuchin said.
Sanctions were another topic on the agenda, with Mnuchin insisting that North Korea would not benefit "relief until genuine progress is made in denuclearization."
While acknowledging that the US and the EU "do not have a unanimous opinion on Iranian sanctions," they have nuclear weapons.
And he said that the sanctions against Venezuela should encourage "better behavior from the government of President Nicolas Maduro" and stressed that it was "reasonable" for the Nicaraguan President to punish Daniel Ortega and his allies next 659032] US Treasury Secretary Steven Mnuchin says he wants a better "balance" in trade relations with China and the EU
French Finance and Economy Minister Bruno Le Maire pleads with the US to "see meaning" over an impending one Global Trade War  Protesters urge Argentina to settle International Monetary Fund debts on the sidelines of a G20 summit