Leaders of the world’s largest economic powers have agreed to overhaul the global body that regulates trade disputes, but they faced resistance from President Donald Trump over the Paris accord on climate change.
Leaders of the world’s largest economic powers have agreed to overhaul the global body that regulates trade disputes, but they faced resistance from President Donald Trump over the Paris accord on climate change.
Here are some of the main developments at the Group of 20 summit, which wrapped up Saturday:
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WORLD TRADE ORGANIZATION
All G-20 leaders called for reforming the World Trade Organization and the issue will be discussed during the group’s next summit in Osaka, Japan, in June. The gathering’s final statement, however, did not mention protectionism after negotiators said the U. S. objected to the wording. Trump has criticized the WTO and taken aggressive trade policies targeting China and the European Union.
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U. S.-CHINA TRADE WAR
Financial markets will be cheered by the U. S. announcement that Trump and Chinese President Xi Jinping agreed at a dinner after the summit to have a 90-day truce in their trade battle.
Trump agreed to hold off on plans to raise tariffs Jan. 1 on $200 billion in Chinese goods. Xi agreed to buy a „not yet agreed upon, but very substantial amount of agricultural, energy, industrial“ and other products from the United States to reduce America’s huge trade deficit with China, the White House said.
The cease-fire will buy time for the two countries to work out their differences in a dispute over Beijing’s aggressive drive to supplant U. S. technological dominance.
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PRINCE UNDER PRESSURE
There were some awkward moments for Saudi Crown Prince Mohammed bin Salman as some leaders called him out over the gruesome October killing of dissident Saudi newspaper columnist Jamal Khashoggi at the country’s consulate in Istanbul.
French President Emmanuel Macron was captured on video seemingly lecturing bin Salman, at one point being heard saying „I am worried,“ “you never listen to me,“ and „I am a man of my word.
