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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Quantum Bunk's picture

Very contradictory

 

THE EU IS A TOP 2 HOLDER OF US DEBT TRASH. SO IT HAS BEEN PAYING FOR ITS DEFENCE ALL ALONG.

 

SEPPO'S DONT GET IT

nmewn's picture

OMG!

All this winning! I don't know if I can stand it! ;-)

Mr.Sono's picture

Imagine how the left feels from all this winning

toady's picture

Back to the ol' graft/extortion model. 

Some pigs are more equal than others. 

hope_talk's picture
hope_talk (not verified) toady Mar 18, 2017 10:43 AM

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... http://bit.ly/2jdTzrM

froze25's picture

Could be one of the "hotdogs" he spent 50,000 dollars on? Sick bastards.

kavlar's picture
kavlar (not verified) froze25 Mar 18, 2017 11:22 AM

This kinda WIN for Trump is ephemeral. Nothing will change for Americans unless we get rid of the FED.

http://biblicisminstitute.wordpress.com/2014/08/24/the-corrupt-federal-r...

stizazz's picture

Agree. The Federal Reserve is a bloodsucking vampire that's draining the life out of America.

jcaz's picture

How refreshing to have an honest President, who relies upon scientific facts,  rather than a corrupt piece of shit who sells us out at the first whiff of a Nobel.....

Manthong's picture

Well, the good news is that when Le Pen takes command and the Stasi girl gets the back seat, Mr Prez Trump might have a soul mate in the EU.

I just hope our French Fry patriot Friends get the message.. and it is all about re-patriation… back to the home lands from whence they came.

But good luck putting several millions of Turks back there.

xythras's picture
xythras (not verified) Manthong Mar 18, 2017 2:52 PM

Let's ALSO see the globalists cough up more $ to Uncle Sam. Bullying ahhh... defending doens't come cheap these days.

Trump Says US “Must be Paid More” to Defend Germany

http://dailywesterner.com/news/2017-03-18/trump-says-us-must-be-paid-mor...

 


OregonGrown's picture

Speaking of GLOBALISTS.... OT:  Howard Shultz steps down as CEO of Starbucks....

 

Classic case of OPEN MOUTH ~ INSERT FOOT 

 

http://www.seattletimes.com/business/starbucks/an-era-ends-for-starbucks...

BullyBearish's picture

the fed IS the supply for the swamp...no fed=  no money out of thin air, no money for israel's wars, no money to buy our congress, no money to kill millions...

archie bird's picture

Indirectly they are paying.  They are getting a ton of refugees, the biggest refugee crisis since WW2, as a result of US aggression.  

Chris Dakota's picture
Chris Dakota (not verified) jcaz Mar 18, 2017 1:43 PM

Former Secret Service agent who protected 3 presidents said that Trump is no longer safe in the White House.

The fence jumper spent 17 minutes on the grounds, was able to get up to the door and rattle the handle.

How can this be?

See Chaffetz here discuss this.

https://www.youtube.com/watch?time_continue=121&v=Bl6_Hpwv0CA

They want him to quit. This is a threat to his wife and son.
They are attacking those around him who are weak, women and boys.
Notice they don't attack Ivanka's husband or the Trump adult male children.

Spitball's picture

Good luck with that. We can't even rid ourselves of Odumbocare let alone the banking cabal that's been sucking this country dry for decades.

Douche McGoosh's picture
Douche McGoosh (not verified) Spitball Mar 18, 2017 12:05 PM

So I just learned an interesting factoid teh other day... according to Zerohedge readers, the oldest "Millennials" are now around 40. And teh youngest "Millennials" are around 12. Wow, that's quite the stretch of the term "generation" isn't it? When you have two people, 25 or 30 years apart who are part of the same generation?? It also makes you wonder how old the average Zerohedge reader is when you can call a grown 40 year old man a young whippersnapper? 80? 90? 100 years old?

Of course this is all about labeling people and throwing them into one group for attack. But in this case the boundaries are pretty laughable...

beemasters's picture

This probably marks the beginning of Goldman Sachs' end in most G20 countries.

HopefulCynical's picture

Douche McGoosh
Member for
1 week 18 hours

Sock-puppet alert!

One World Mafia's picture

Already decided he's diverting all the money for war.  No joke...war spending going way up.

chunga's picture

FWIW Drudge was linking to this story on ZH for a while dead center but changed it to a Blewmburg link with the same headline. Perhaps because Tyler is allowing all the spam (biblic institute, westerncaller, shep wave, bitcoin, etc.)

Bay of Pigs's picture

Quite frankly, this spamming on every thread is getting very old.

The Tylers are giving this site a bad name by not removing these trolls, shills and assholes.

SILVERGEDDON's picture

The fake Irish Douche bag is another fake poseur Fonestar wannabe. 

Lots of "buh teh fewking Precious, stoopid hedgies " and links to Shitcoin coming down hard right now.

Douche is a fucktard dipstick rama lama ding dong skittle shitting rainbow flying unicorn zipperhead Klingon cocksucker from Uranus  wrapped in the prophet's robes of fake digital fiat in it's outlaw dangerous hook the muppets intro ponzi phase.  

divingengineer's picture

40 years old puts you soundly in Gen X.

Nobody For President's picture

In general terms, a 'generation' of humans is ~25 to 30 years.

http://scienceblogs.com/gregladen/2011/03/01/how-long-is-a-generation/

I have a picture, taken in 1940, of me as an infant being held by my dad, 31, next to my grandad on one side, 60 and great-granddad on the other - 89.

4 generations. Real close to 30 years apart. Not a 'stretch' at all, much less laughable.

Welcome to ZH.

 

kellys_eye's picture

Unless you live in Liverpool (UK) where a generation can be as short as 12 years.....

Golden Showers's picture

So there's a ZH readers' poll now?

I was born in the 70's. In the 90's I'm a "gen x-er" (some more than others, some less). So I wasn't named Gen x when I was born, dude. I was named it when I came of age with a bunch of other fucking people. But if you're telling me that ZH readers would say that someone born in 2005 has anything in common with someone born in 1987, you're talking shit nonsense. I'm certain the average ZH reader has nothing in common with mostly pre-pubescent children who have not differentiated in mind or body. And if you really want to bust our chops with your bullshit, you can back up your interesting factoid with a reference or two.

It sounds to me that you are throwing ZH readers into one group for attack. Or you're just fucking YOUNG.

Get off the stoa you too-young bitch.

Here's how I know you are young: You point up a vague consensus as an appeal to a higher authority as the foundation for your junk nonsense. You bring up "the average ZH reader" like a 3rd party and a specimin. You mention it twice. So you're more concerned with labeling people in a group and you are a fucking twit.

Let me tell you this. The Average ZH reader is a lot of things, but s/he isn't stupid. Go join your college sociology club (if you're not president) you wanker jerk-off toddler sophomore cunt.

Chris Dakota's picture
Chris Dakota (not verified) froze25 Mar 18, 2017 2:58 PM

Could be one of the "hotdogs" he spent 50,000 dollars on?

This is so insane, people in power behaving in this way.

I knew it would be this way when the swamp started to drain, but this is over the top even for me.

btw, the swamp draining is Neptune Pisces that started with Fukushima, murder of Gaddafi, Benghazi, Syria, Ukraine and us seeing it clearly on a mass level. Wikileaks, emails, media exposed, Jews exposed standing out in the open nude. Child trafficking, organ trafficking, failed states, terrorists armed, terrorist shipped into Europe. This will go on until it is all cleaned out.

nuubee's picture

Global warming wasn't concocted by China. It was invented by Margaret Thatcher to break the coal miner unions. It was sustained by government research funding, and eventually became a full-blown-religion thanks to fearmongering on incomplete science.

froze25's picture

It's just what global cooling morphed into. Nothing but a scam to further tax human activity. 

NewHugh's picture

And cow farts in CA...

JRobby's picture

If they can't come up with new taxes, they can't continue to issue more and more debt. If they can't issue more and more debt, it collapses. 

With flat GDP, profits and therefore taxes have diminishing growth.

loves the truth's picture

I read it was Rockefeller.. He wanted to branch out to monopolize other energy markets.

brianshell's picture

and the opportunity for a quick buck.

 

Jeffersonian Liberal's picture

Thatcher? Are you serious?

For an enjoyable and easy education on the issue, read Sussman's "Climategate."

Also, in Griffin's, "The Creature from Jekyll Island," read the section on The Report from Iron Mountain.

Spoiler alert: It wasn't Thatcher.

RockySpears's picture

Don't be dumb.  Mrs Thatcher closed fewer mines than Labour under Harold Wilson, she just happened to be closing the last of them.  Labour new it was over for the miners long before the miners did.

 

  Initially climate change was just that, scientists pointing out that climate changed.  The have been doing so for decades. 

  It was when someone realised that they could cash in on it that it became political.

 

RS

 

"That, too, is nonsense: the industry had been in crisis for decades, crippled by excessive costs and international competition. Far more miners lost their jobs in the Sixties than in the Eighties. No government, be it Labour or Tory, could afford to keep propping up unviable mines indefinitely.

The slow demise of coal mining has been a tragedy for many communities, and the cause of much suffering. But more mines were closed during Harold Wilson’s two terms in office than in Thatcher’s three – and yet he remains a Left-wing hero."

http://www.dailymail.co.uk/news/article-2308755/Which-PMs-sacked-miners-...

- -  And or a complete breakdown: http://www.healeyhero.co.uk/rescue/individual/Bob_Bradley/PM-Closures.ht...
Lumberjack's picture

It was a thoery broght to mainstream by Dr. T.N Veziroglu. He was a nobel nominee that used the theory to produce economic charts that showed future financial damage that 'might' be caused by Global Warming. Those fancy charts and graphs never panned out. Alas, there has been serious economic damage caused by those believers espousing such bullshittery and they have profited handsomely at our expense.

Lumberjack's picture

Furthermore...

Shocker: little known ‘Financial Stability Board’ has huge climate deceit

https://wattsupwiththat.com/2017/03/16/shocker-little-known-financial-st...

 

...That’s why, as the July 2017 G20 economic summit in Hamburg, Germany draws near, the Climate Cabal is in overdrive. Alarmist scientists, politicians, activists, industrialists and financiers are ramping up their rhetoric about the massive, imminent climate crisis allegedly facing our planet, unless we slash our carbon dioxide emissions, by keeping centuries of oil, gas and coal reserves locked up in the ground.

That means companies that own those reserves, finance or insure fossil fuel projects, or hold investment interests in those reserves or projects will end up with trillions of dollars in “stranded assets” – energy that will be made permanently off limits, once the world has shifted to a totally “decarbonized” global economy. In fact, selling off holdings in fossil fuel enterprises will not be nearly enough. “The freed-up assets must be redirected to more sustainable businesses.”

At least that is the view of AXA Insurance climate and sustainability director Christian Thimann – who also serves as vice-chair of the international Financial Stability Board’s Task Force on Climate-Related Financial Disclosure. He intends to harness the FSB’s significant power and influence to advance his ideologies and investments – doing so in league with an unbelievable army of like-minded interests, all of whom have enormous political and financial stakes in the outcome of this global policy battle.

Among them are UBS Financial Services and the $5-trillion BlackRock global financial management firm, which now has an index fund for people and organizations that want to divest from companies that BlackRock, AXA and the Cabal have targeted with their anti-carbon campaigns. The tax-exempt anti-carbon pressure group Natural Resources Defense Council has put $70 million into the fund.

Former NYC mayor Michael Bloomberg – having given millions to tax-exempt anti-fossil fuel agitator groups – is now chairman of the FSB’s Climate Financial Disclosure Task Force. Not surprisingly, it is allied with the state attorneys general who spearheaded the nasty campaign to silence and punish energy companies and think tanks that dared to question the “97% consensus” on manmade climate chaos.

Also onboard are state and city comptroller and treasurer offices (CA, CT, NY, PA, RI, VT), various state and city employee pension funds, the Ceres Investor Network on Climate Risk, and numerous radical environmentalist groups like the Rainforest Action Network, Sierra Club, Union of Concerned Scientists and Interfaith Center on Corporate Responsibility, notes E&E Legal senior fellow Chris Horner.

Teja's picture

The Great Climate Conspiracy. Oh Yeah. Good that it is now uncovered.

I won't discuss climate heating with you because you would not accept any argument there. But you are forgetting another point - you probably think that it is obvious we can go on like today forever. Oil being created by black magic, and air being cleaned by white one. But what if we find no follow-on technology at the point in time when oil is no longer created by magic, because we failed to convert to regenerative technologies and did not invent magic fusion or stuff?

Of course you can say "fuck the future, I will be dead anyway when the shtf". Ok, just say it loud and clearly, then.

Lumberjack's picture

yup, shit out of black magic... sucks to be you and your pension fund. 

 

History

Member for
6 weeks 4 days
Dancing Disraeli's picture

250 years of coal in the USA alone.  We'll be fine.

Teja's picture

American cars, powered by coal. Yes that explains a lot.

nmewn's picture

So I guess your point (if you ever had one) is, the graft, corruption, collusion...nay conspiracy...at all levels, extending from governments to green corporations to media to "climate science" is to be overlooked and forgiven as they picked everyones pockets for their own personal gain & soiled everything free thinking people know & hold dear because... 

Yeah, we're going to need a lot more guillotines. 

The best Sun's picture

Rockefeller sold the technology required

to turn coal into liquid fuels in the thirties.

To the Nazis.

85 year old technology.

Ignorant wretch.

Dugald's picture

 

Ok, fuck the future I will be dead anyway.....!!