Finance ministers and central bank presidents from the world’s leading economies are calling for more “dialogue and actions” on trade as US President Donald Trump mulls trade sanctions against China weeks after imposing tariffs on steel and aluminum imports.
Policymakers of the G20 closed a two-day meeting in Buenos Aires by making a change in a final statement to reflect their concerns about trade. An initial draft of the statement did not reference the need for more discussions in trade.
“International trade and investment are important engines of growth, productivity, innovation, job creation and development,” the final statement read. “We… recognize the need for further dialogue and actions. We are working to strengthen the contribution of trade to our economies.”
In an interview with LatinFinance, Mexico’s Finance Minister José Antonio González Anaya said the final statement reflected how the G20 addressed issues during the meeting.
“There is another ministerial meeting in July, so I fully expect we will continue to tackle all of the issues,” he said.
Since Trump announced the tariffs in early March, several countries have lobbied for exemptions. The Trump administration has indicated that it will likely offer Mexico and Canada a 30-day exemption from the tariffs, which may be extended on the basis of the outcome of talks to renegotiate NAFTA.
González Anaya said Mexico’s “main scenario continues to be that we will reach a good agreement on NAFTA.”
Last week, Mexican Economy Minister Ildefonso Guajardo said Mexico and Canada need to consider the possibility that the United States may leave NAFTA.
“If you are going to negotiate, you can’t assume a scenario in which the possibility of the US leaving the agreement is zero. It’s not zero. You have to assume the US may leave the agreement,” Guajardo told LatinFinance at the World Economic Forum on Latin America in São Paulo.