Leaders of the world’s largest economic powers have agreed to overhaul the global body that regulates trade disputes, but they faced resistance from US President Donald Trump over the P
Luis Andres Henao
December 2 2018 8:27 AM
Leaders of the world’s largest economic powers have agreed to overhaul the global body that regulates trade disputes, but they faced resistance from US President Donald Trump over the Paris accord on climate change.
Here are some of the main developments at the G20 summit in Argentina, which wrapped up on Saturday:
All G20 leaders called for reforming the World Trade Organisation (WTO) 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 US objected to the wording. Mr Trump has criticised the WTO and adopted aggressive trade policies targeting China and the European Union.
Financial markets will be cheered by the announcement that Mr Trump and Chinese President Xi Jinping agreed at a dinner after the summit to have a 90-day truce in their trade battle.
Mr Trump agreed to hold off on plans to raise tariffs on January 1 on 200 billion dollars in Chinese goods. Mr 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 ceasefire will buy time for the two countries to work out their differences in a dispute over Beijing’s aggressive drive to supplant US technological dominance.
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 Mr bin Salman, at one point being heard saying “I am worried,” “you never listen to me,” and “I am a man of my word.” Mr Macron said the crown prince only “took note” of his concerns.
British Prime Minister Theresa May also said she pressed Mr bin Salman.
President Recep Tayyip Erdogan of Turkey said Canadian Prime Minister Justin Trudeau was the only G20 leader to raise the issue during the official session. Mr Erdogan called Mr bin Salman’s response – that the crime had not been proven – “unbelievable” and complained that Saudi authorities have been unco-operative.
But it was not all bad for Mr bin Salman. He was not shunned, and on the gathering’s first day, he and Russian President Vladimir Putin engaged in a hearty grip-and-grin as the two seemingly revelled in their shared status as relative outcasts.
