The G20 finance leaders summit taking place in Buenos Aires this week sees tensions over Trump's trade tariffs in plain view, as financial leaders from around the world plead for an endorsement of free trade from the US.
Key highlights
US Treasury Secretary Steven Mnuchin is fighting an uphill battle at the G20 summit, pushing back against leaders who fear global growth could get derailed if a full-on trade war ensues between the US and their major trading partners, namely China and the European Union. EU leaders are still pressing for a Europe-wide exemption from Trump's steel and aluminum tariffs, and are preparing to retaliate with their own duties on US goods. The European Commissioner for Economic and Financial Affairs, Pierre Moscovici is worried that protectionism could damage growth, and that "the first risk is the risk of inward-looking policies and protectionism". Steven Mnuchin has dug in on his position, stating that the US cannot sacrifice its own interests in order to make free trade work.
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