The world`s financial leaders failed to reach a compromise deal to endorse free trade on Saturday, backtracking on past commitments to keep trade open and reject protectionism, the communique of G-20 finance ministers and central bankers showed.
Trump has already pulled out of a key trade agreement and proposed anew tax on imports arguing that certain trade relationships need to bereworked to make them fairer for U.S. workers.
G-20 financial leaders, however, reaffirmed their a commitment to refrain from competitive currency devaluation, a key agreement as the U.S. has repeatedly complained that some of its trade partners are using artificially devalued currencies to gain a trade advantage.
Making only a token reference for the need to strengthen the contribution of trade to the economy, finance ministers and central bank chiefs of the world`s top 20 economies broke with a decade-old tradition of rejecting protectionism and endorsing open trade.
Speaking on the sidelines of the meeting, delegates said that the U.S. was holding out on key issues, unwilling to compromise and essentially torpedoing a deal as it requires all members to sign up.
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