Trump Wins: G-20 Drops 'Anti-Protectionist, Free-Trade, & Climate-Change Funding' Pledge

Tyler Durden's picture

After delays and hours of discussions amid tensions over 'trade' comments between the United States and the rest of The G-20, it appears President Trump has 'won'. While China was "adamantly against" protectionism, the finance ministers end talks without renewing their long-standing commitment to free trade and rejection of protectionism after US opposition.

The world's financial leaders are unlikely to endorse free trade and reject protectionism in their communique on Saturday because they have been unable to find a wording that would suit a more protectionist United States, G20 officials said.

This would break with a decade-old tradition among the finance ministers and central bankers of the world's 20 top economies (G20), who over the years have repeatedly rejected protectionism and endorsed free trade.

But the new administration in the United States is considering trade measures to curb imports with a border tax and would not agree to repeat the formulations used by previous G20 communiques, clashing with China and Europe, the officials said.

"Unless there is a last minute miracle, there is no agreement on trade," one official, who declined to be named, told Reuters.  "This is not a good outcome of the meeting," a G20 delegate quoted Bundesbank President Jens Weidmann as saying.

In a partial face-saving move, as The FT details, G20 finance ministers meeting in the German resort town of Baden-Baden noted the importance of trade to the global economy, but dropped tougher language from last year that vowed to “resist all forms of protectionism”.

The new communique said: “We are working to strengthen the contribution of trade to our economies. We will strive to reduce excessive global imbalances, promote greater inclusiveness and fairness and reduce inequality in our pursuit of economic growth.”

 

The watered-down commitments on free trade reflected the anti-globalisation mood that Donald Trump has brought to Washington and came in the first G20 meetings between Steven Mnuchin, the new US Treasury Secretary, and his foreign counterparts.

US Treasury Secretary Mnuchin spoke to reporters after the meeting:

  • *MNUCHIN: LOOKING FORWARD TO WORKING CLOSELY W/ G-20 COLLEAGUES
  • *MNUCHIN: CONFIDENT U.S. CAN WORK CONSTRUCTIVELY WITH PARTNERS
  • *MNUCHIN: U.S. BELIEVES IN FREE, BALANCED TRADE
  • *MNUCHIN SAYS WILL LOOK AT TRADE SURPLUSES WITH VIEW TO CORRECT
  • *MNUCHIN SAYS MULTILATERAL AGREEMENTS HAVE VERY IMPORTANT PLACE
  • *MNUCHIN SAYS U.S. WANTS TO RE-EXAMINE TRADE DEALS INCL. NAFTA
  • *MNUCHIN: U.S. BELIEVES IN APPROPRIATE REGULATION
  • *MNUCHIN SAYS IMPORTANT BANKS CAN PROVIDE LIQUIDITY IN MARKETS

Reuters also points out another potential win for Trump as the communique will also drop a reference, used by the G20 last year, on the readiness to finance climate change as agreed in Paris in 2015 because of opposition from the United States and Saudi Arabia.

Trump has called global warming a "hoax" concocted by China to hurt U.S. industry and vowed to scrap the Paris climate accord aimed at curbing greenhouse gas emissions.

 

Trump's administration on Thursday proposed a 31 percent cut to the Environmental Protection Agency's budget as the White House seeks to eliminate climate change programs and trim initiatives to protect air and water quality.

 

Asked about climate change funding, Mick Mulvaney, Trump's budget director, said on Thursday, "We consider that to be a waste of money."

The G20 do agree, however, to show continuity in their foreign exchange policies, using phrases from the past on foreign exchange markets.

As we noted earlier, needless to say, such an acrimonous end to the weekend's summit would likely result in a surge in FX volatility when markets open for trading late on Sunday, reflecting the new state of global trade flux, in which the future of the US Dollar is completely unknown, and reflecting the emerging chaos over the future parameters of trade.
 

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Barrock's picture

Never in my lifetime did I beleive I would hear the phrase, "We consider that to be a waste of money", coming from the government.  Finally, the truth be known.


Mimir's picture

If you had been awake, you would have found that comment in all budgets since Federal budgets exist. It is part of the negotiations concerning budgetary posts, that some find important to maintain and others find "waste of money". Nothing new.

Anteater's picture

TOT, but I wonder if Americans realize in this, the greatest arms buildup in US history, and at a time of no war other than the ones our 1000 overseas bases start, that the 'Buy American' clause in Pentagon contracts is just a slogan, and 29 foreign nations are approved as 'Buy American' materials and services suppliers!

That means fully 40% of the Pentagon's $trillion war budget for MIC procurement (that isn't simply MIA like $6 trillion already gone POOF!) is going to foreign nationals who pay no US taxes, and also to the 100,000s of foreign national workers at those 1,000 overseas bases, also on the MIC payroll, who get their US Green Card after five years for 'serving Uncle Sam', then use minority-hiring laws in the US, to take permanent jobs in government away from Americans!

'Buy American' is a fraud! 'Rebuilding The Military for Jawbz' is a con game! In fact, the new $T Pentagon budget is the single largest pipeline of taxpayer life savings to foreign nationals, and the single biggest creator of job-stealing  foreign immigraton there is!  Defend US? Defend US!? The Lucefarian Pentagon is destroying the very fabric of American life!

artichoke's picture

Good comment, send that to the budget folks in DC if you want.

 

We might want to tighten that up, to ensure that to the extent it's practical, it's really spent in USA.  He can't fix everything at once, there's surely more like this to do.

just the tip's picture

 i remember back in the late '70s before i stopped watching television, a PBS special about a nuclear missile bunker.  i was shocked.  i tell you shocked.  to see the monitors in the bunker had "SONY" on the bottom border frame.

amadeus39's picture

I am a veteran of the Vietnam destruction, and I approve of your message. I know a thing or two because I've seen a thing or two.

 

 

stubb's picture

Is this for real? Photos of Soetero with Judge Watson at a Hawaii restaurant on March 15, from the restaurant's own FB page. 

https://facebook.com/NoiThaiCuisineHawaii/

artichoke's picture

Direct link to that photo: https://www.facebook.com/NoiThaiCuisineHawaii/photos/pcb.169036270126410...

 

But elsewhere I read Obama is now hiding in Tahiti (French) avoiding extradition back to the USA.

IVLIANVS AVGVSTVS's picture

Holy Shiite! This needs to go viral.

any_mouse's picture

Is the male cook's little finger broken or is he flashing a sign?

One World Mafia's picture

The bad news is the money is going into paying for more wars in Yeman where Donald is getting hardly a mention by the media for drone strikes and backing the Saudis he sells weapons to.  The people of Yeman lose as they fight against the Riyadh, Washington, London installed puppet.

artichoke's picture

I can't say I understand all the conflicting sides in all these wars.  For example I was just thinking that Gulen, the Turkish guy that Erdogan seems to hate, may be allied with Jordan, which was granted its mandate after WW1 (in territory that had been set aside for Israel) because they had helped Great Britain push back the Ottoman Turks.  Many moving parts here.

Who are the Yemenese?  What part do they play?

Saudi Arabia is a big player with a lot of oil.  It's better to find a way to work together with them than to work against them.  Same with Russia.  And interestingly SA and Russia are strategic adversaries, and SA has its fingers deep in the US government, so if Trump can find a way to ally with both of them, as well as protect Israel who is an ally of neither, it will be a magnificent accomplishment for us.

just the tip's picture

agree with you on many moving parts.

fuck KSA

i'd like to meet vladimir.  make a bet with him i can drink more vodka than he.   game on.

One World Mafia's picture

The way to ally with the devil is to become the devil. These wars are about propping up the petro dollar, a sham monetary system the US never should have entered.  Decimating Yeman is about taking control of their strategic oil shipping chokepoint.

William Dorritt's picture

IN the brutal Middle East, think

 

Clan Loyalty, then sub-tribe, then tribe, then ethnic group, then religious sect.

 

In reverse in Yemen, its the Sunnis and Saudi vs Shia and Iran

If Saudi falls to Iran, Iran gets too much power.....too bad the US overthrew Saddam who kept Iran in check

 

perkunas's picture

How can you say your against terrorism, when you suport the biggest one Saudi Arabia. We dont need their oil, or even any russian oil, let them eat cake. less then 2 percent Oil gets imported from over seas, time tell exon no.

amadeus39's picture

The people of Yeman? Give me a break. What do you know about the "people" of Yeman.

 

artichoke's picture

"tradition of over a decade" ... that means Obama plus the second half of Shrub.  Not much of a tradition but it was good to step on it here and stop it from metastasizing.

Madcow's picture

I'm no political scientist, but amongst the various forms of Government, it seems like Authoritarian Rule by Pedophiles would be a bad idea and not a good idea.

 

http://themillenniumreport.com/2017/03/pedogate-pandoras-box-has-been-op...

 

William Dorritt's picture

Lets hope the Donald follows through and destroys Pedo Power, in Govt

lakecity55's picture

This needs investigating, but the story has some conclusions from anonymous sources.
Of course, it would be difficult to get somebody on record here.
There is no doubt something Bad going on!

John C Durham's picture

Trump simply joins all the Presidents prior to 1976 in resisting City of London preachings of Adam Smith's "Free" Trade. Protection was a given "no brainer" from Franklin, forward, i.e., (other American Economic thinkers) Hamilton, Mathew & Henry Cary, Q. Adams, Clay, Lincoln, Teddy and F.D. Roosevelt and our President, the fine legit businessman, Donny Trump.

If you allow everyone's products in unscathed by any tax (raising the import cost up to a level equal to costs of your productive sector to produce like products), then your nation's standard of living, education, defense, environmental protections, etc., etc., must fall toward your lowest trade common denominators.

tuetenueggel's picture

What may ugly old criminal crow Lagarde  been looking for ?

She still not jailed ?

TeethVillage88s's picture

Because Europe is run by Globalist psing as benefactors and progressives. I.E. Georgii Soro Schwatz.

"This is not a good outcome of the meeting," a G20 delegate quoted Bundesbank President Jens Weidmann as saying.

Repost on Topic from Fareed Zakaria:

Globalism as a platform supports foreign investment and low velocity of money... while they expand the sumply of money and USD Denominated Assets. Sure why would the CIA, Fareed Zakaria, Trilateral Commission, and Council of Foreign Relations not all work together with the Wealthiest people of the West. The got the Private Central Bank, Federal Reserve, in 1913, then took us to WWI to create Israel for the Bankers... but they needed a country other than Briton to make it happen and Briton let them down... so on to Great Depression & Stock Market Crash... which the bankers probably threaten all Western Governments with... then had to do it... to show their power and took us to WWII ... to create Israel.

And in all of this, they also got the World Reserve Currency to be the USD... in a country that could be built from the bottom up... culturally, educationally, and politically in the image that the Bankers wanted... but they were internationalists... they were globalists... they were the controllers of Trading Industries/Shipping Import Export... They were Globalists.

Investment
http://research.stlouisfed.org/fred2/series/ROWFDNQ027S Foreign Investment
http://research.stlouisfed.org/fred2/series/GPDI Domestic Investment
http://www.bea.gov/newsreleases/international/intinv/iip_glance.htm (Big number is Foreign Investment in the USA that is our Liability)

Foreign Investment in the USA was always a threat, but it was always part of the Globalist Agenda. They harvest our wages and Income.

Money
http://research.stlouisfed.org/fred2/series/mult (High was 1987, Up to Date, but looks like Crap, .769 is all)
http://research.stlouisfed.org/fred2/series/M1V (High 2007, M1 seems to increase with Mortgages)
http://research.stlouisfed.org/fred2/series/M2V (High 1997, M2 seems to show different bubble perhaps)
http://research.stlouisfed.org/fred2/series/MZMV (MZM seems to show peak in Economy 1981)

I probably was going to write something else. Maybe my head is not clear yet.

One Ton Lady's picture

And we are doing all of this just for you.

 

signed 

 

Goldman 

old_cynic's picture

Why is there no encryption on ZH? The lack of https puts users unnecessarily at risk.  C'mon, Taylor, SSL/TLS certificates are cheap or even *free* at this point https://letsencrypt.org 

DEMIZEN's picture

who are you afraid of zhe zermans? SSL is a piece of cake for a govt sponsored tracking. they read your unencrypted stuff at the source.

 

but wait.. you have ubuntu? ah ok you are safe LOL:)

Clowns on Acid's picture

True...but it will keep out amatuers like the 16 yro  fat kid in a NJ basement that hacked Hillary's server.

BingoBoggins's picture

It's the quiet ones you have to watch out for

Gary Jue's picture

Does The Eu's US Treasury Holdings amout to more than the EU Bank Bailouts fron the US Fed that was monitiezed and put upon the US Tax Payer..? Why Dont we just call it quits.. And let the EU defend themselve from here on out.. You Nazis think America owes you something.. The Globalist Establishment is in its final hour.. No more American Tax payer dollars for the UN.. NATO.. We are A Soveriegn Nation State and as such the Globalist Ideaology does not align with our interests..

Herdee's picture

Merkel had a very long face on her while in Washington. Trump is playing hardball because Germany told the world they wouldn't be conforming to military expenditures demanded by Washington. Eisenhower was right. It was a big mistake to leave American troops over there. The Cold War is being resurrected through Russiaphobia so if Europe wants to have their own Army, go for it. Those Socialists/Globalist gangsters have done enough damage to the U.S. economy and they're rich enough to look after themselves. Tell McCain to spend the NATO money on fixing Detroit and Chicago.

BigCumulusClouds's picture

I liked what you said but using federal money on Chicago and Detroit.  Those cities should declare bankruptsy.  I do not want to pay for their bailout.

Victory_Garden's picture

As long as the criminality continues, nothing will change. In fact, in may even get worse as those crazy satanic/luciferic rothschild puppet isreallis are at it again stirring up a false flag event for a reason to go after NK. Prolly a submarine gonna sneak in sumwhere and well, maybe do what has already happened several times under water to cause trouble.

https://www.youtube.com/watch?v=NPq9K3fkxUg

But then, as long as fuckushima is running rampant and unstoppable, the inevitable ELE will kill off the entire planet's biobeings. From that hell may come, deformovilles popping up in unexpected sewers and deep underground base holes everywhere in a thousand years, or so.

Again, as long as no one cares about the future, what difference does anything make? Add this killer radiation to that which is coming in from other out world sources, and you get a two-sun-whammy that fries potatoes on the ground. Little wonder why cave men hung out in the cave all day, and hunted at night. The freaking sunburned blisters and third degree skin rips must have be painful and ugly scabby to say the least.

https://www.youtube.com/watch?v=nVWezZHgB5o

 

Got Cancer?

z89101's picture

The Democratic Party  and RINO's are losing thier collective hive mind over this. 

Clowns on Acid's picture

Yes,,this cuts deeply into their "rents"

lakecity55's picture

They are The Borg, but we will NOT assimilate!

I have to go lube up the M14. Back later. Leave a message at the tone.

ThanksIwillHaveAnother's picture

Get governments out of dictating trade and peg to gold.  Other than that get ready for WW3.

Hannibal's picture

...And don't forget US war crimes are still on going.

http://www.moonofalabama.org/

any_mouse's picture

He dares to out ManBearPig as the hoax that is is, BUT then goes on to blame it on a plot by the Chinese.

Then again, how many Chinese grad students were working with the academics who came up with Manmade Climate Change religion?

I tend to go with the usual combination of statists and bolsheviks with a side of greed. The same ones responsible for the 20th century of war and misery.

moorewasthebestbond's picture

I'm building a big pile of Trump victories out back.

 

Help me drag this one outside and throw it on the stack.

Gerb00's picture

No one else has T-rump size balls..They are all fucking fagots or trans...