G20 Multinational Representatives Choked The US Trade And Monetary Policy, The US Treasury Secretary Became The Target Of Public Criticism.

The meeting between finance ministers and central bank governors of the group of twenty (G20) was held in Buenos Aires, capital of Argentina last weekend. The global trade conflict undoubtedly overcame other issues and became the focus of this meeting. Bloomberg 22, said at this meeting, global economic leaders collective "choking" President Trump's recent policy on Global trade and currency, so that U.S. Treasury Secretary Mu chin Qin became the target of public criticism.

According to Reuters 22 reported that US President Trump claimed last week that China, Russia and the European Union are "enemies" of the United States in trade. Mnuchin, who attended the finance ministers' meeting, not only failed to extinguish the remarks on the 21 day, but also expressed his view as the same as Trump's statement. He said the trade dispute has not yet had any macroeconomic impact on the world's largest economy. He is reassessing Trump's proposal that G7 allies should eliminate trade barriers. "If Europe believes in free trade, we will be ready to sign free trade agreements without tariffs, non-tariff barriers and subsidies." But Mnuchin's attempt to curry favor with the EU and Japan through the FTA agreement, instead of being confirmed by his allies, was thrown cold water. French finance minister Bruno Lemerre strongly replied that the EU would not consider trading negotiations with the United States unless Trump first cancels the tariffs on steel and aluminum and the possible threat of auto tariffs.

"Trade war is a fact," Lemerre said. The unilateralism tariff policy of the Trump administration is based on the "jungle rule". "Jungle rule" will only produce losers, weaken economic growth, threaten the development of the most vulnerable countries, and bring disastrous political consequences. He said, "we will not let others talk with guns at us. The Trump administration must first cool the trade war. " He also said that the Trump administration must change its attitude, otherwise the EU could not get revenge.

Besides Lemerre, officials from Brazil, South Africa, Germany and Japan also expressed concern about the US trade policy. Guardia, finance minister of Brazil, said the G20 finance ministers believe that the warming of trade tensions means that the risks facing the global economy are rising. Miner, deputy governor of the Central Bank of South Africa, said that the current attitude of the US side is not just a threat, but has already begun to affect the real economy. Japanese finance minister Taro Aso also criticized the US trade policy of importing tariffs on many imported goods. German finance minister Schultz refutes the United States' argument about the EU's currency manipulation, saying that the EU's "implementation policy is reasonable and will not create economic success through currency". Lagarde, chairman of the International Monetary Fund (IMF), warned that the recent increase in trade tariffs by many countries would seriously hurt global economic growth. "In the worst case, the current series of trade measures will lead to a 0.5 percentage point reduction in global economic growth in 2020," she said. IMF said last week that the escalating trade conflict poses the greatest risk to the global economic recovery. Countries should avoid protectionism and turn to multilateral institutions such as the World Trade Organization (WTO) to resolve conflicts.

The escalation of trade threats and counter threats has given the western media a quick look. Bloomberg said US Treasury officials had turned from economic diplomats to "trade fighters", which led to Mnuchin's awkward meeting with his global counterparts at the multilateral summit. It is understood that this is his second trip to Buenos Aires to attend the G20 finance ministers' meeting. During his first visit in March, Mnuchin was severely criticized by his peers. He was also publicly criticized by his colleagues at the Canadian G7 finance ministers' meeting. A number of German media 22 reported that the world's most important industrial countries and emerging countries (G20) should defend free trade. Moscovici, an economic commission member of the European Commission, told the German Augsburg report that the world trade system should be "modernized". The European Commission is making proposals for trade reform. "We are willing to work with those who hold the same position." German economic weekly 22 commented that, because many countries threatened to retaliate punitive tariffs to the United States, "the biggest loser in trade war may be the United States."

According to reports, according to the usual practice, the G20 finance ministers' meeting will issue a communiqu to summarize the key policy suggestions. According to the draft communique issued by Bloomberg, the meeting held that the global economic growth is no longer synchronized, and faced with more and more threats, including from the threat of trade tensions, "the downside risks of short-term and medium-term economic growth have increased". Other threats to global growth mentioned in the draft include "increased financial vulnerability, increased trade and geopolitical tensions, global economic imbalances and Inequalities".