Analysts at ANZ note that the G20 communique over the weekend suggested that trade policy is shifting.
“Working to strengthen the contribution of trade to our economies” was added and “avoid all forms of protectionism” was omitted. This bears watching given a streamlined global supply chain and the lowering of barriers has been a key driver of productivity growth and earnings. The group also reiterated its stance against competitive devaluations and disorderly FX markets.”
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