G20 continues to emphasize the importance of free trade – Deutsche Bank

Analysts at Deutsche Bank note that in the G20 meeting, most global finance chiefs warned against protectionism with BOJ Governor Kuroda noting “the G20 will continue to emphasize the importance of free trade” while France’s Finance Minister Le Maire reiterated that there will only be losers in a trade war and that EU members want a full exemption from US steel and aluminium tariffs.

Key Quotes

“On the other side, a senior unnamed US Treasury official told Reuters that the President strongly believes in free trade, but “where the expectation is America totally subordinates its national interest for free trade, is just one we don’t accept” and that instead “we believe in free trade with reciprocal terms that leads to more balance trade relationships”. Earlier on, senior EU officials told Bloomberg that the US will grant waivers to tariffs provided the EU meet five conditions, including limiting exports of the two materials to the US and actively addressing China’s various trade distorting practices.”