Money Trump may have just moved the world closer to a global trade war

18:35  20 march  2017
18:35  20 march  2017 Source:   Business Insider

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Real news and perspectives that you won't find in the mainstream media. Browse: Home / The G20 moves the world a step closer to a global currency. This has a double-edged ring, for it suggests that Mr Brown may have traded pockets of the British financial industry to satisfy Franco-German

President Trump envisions a border tax levied against any American company that has moved its operation overseas. Or would it spark a global trade war worse than the 1930s? Let’s just hope Trump clears it with the WTO first. Otherwise, retaliations will kill world trade .

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Until now, Wall Street investors and foreign leaders had given Donald Trump’s anti-trade views the benefit of the doubt, dismissing some of his louder threats to rip up global commercial agreements as mere bluster.

That perception changed significantly this weekend, when Trump’s Treasury Secretary Steven Mnuchin, seen as among the more moderate members of the administration, held his ground on weakening the Group of 20 nations’ long-standing commitment to free trade.

During a meeting of financial officials from the 20 biggest world economies, Mnuchin defended the president’s anti-trade agenda with sufficient gusto to force a significant change in the language of the G20’s communique.

Germany’s reaction to Chancellor Angela Merkel’s White House visit? “It could have been a lot worse.”

  Germany’s reaction to Chancellor Angela Merkel’s White House visit? “It could have been a lot worse.” Germans saw Ms. Merkel’s first visit with Mr. Trump with a pragmatism similar to the chancellor’s, but his remarks 24 hours later pointed to differences on policy.“Not warm, but not distant,” wrote the left-leaning newspaper Süddeutsche Zeitung in its online edition on Saturday.

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This year’s statement says only that countries "are working to strengthen the contribution of trade" to their economies, a watering down of last year’s commitment to combat "all forms" of protectionism.

Already, markets are being “impacted by the somewhat frosty summit between US President Trump and his German counterpart Angela Merkel while Trump’s trade Secretary Mnuchin failed to allay fears of rising US protectionism at the G20 meeting in Merkel’s homeland,” said Henry Croft, research analyst at Accendo Markets, in a research note to clients after the summit.

Germany’s reaction to Chancellor Angela Merkel’s White House visit? “It could have been a lot worse.”

  Germany’s reaction to Chancellor Angela Merkel’s White House visit? “It could have been a lot worse.” Germans saw Ms. Merkel’s first visit with Mr. Trump with a pragmatism similar to the chancellor’s, but his remarks 24 hours later pointed to differences on policy.“Not warm, but not distant,” wrote the left-leaning newspaper Süddeutsche Zeitung in its online edition on Saturday.

The Most Dangerous Man in Trump World ? How Peter Navarro could lead us into a global He may , in fact, be the loopiest member of Trump ’s retinue. At the same time, if Trump abandons, or even significantly curtails, free trade with Europe, he will force Germany to move closer to China.

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Indeed, Trump’s gaffe-ridden meeting with Merkel came on the heels of unfounded attacks on Germany’s economic policies. 

Almost immediately, Reuters reported China is already looking for ways to retaliate against any potential US tariffs. This could be the quiet opening salvo to a trade war that many investors have feared but hoped could be avoided.

"Risk appetite absent after the G20 decided to drop a pledge to avoid trade protectionism," wrote FXTM Research Analyst Lukman Otunuga in his research.

The G20’s shift comes on the heels of strong protectionist hints from the administration, which has already jettisoned a hard-dough Trans-Pacific Partnership agreement between 12 nations, is threatening to rip up the North America Free Trade Agreement, and even potentially is considering ignoring rulings from the 164-member World Trade Organization. 

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