At a G20 meeting this week, financial leaders from the world's biggest economies failed to agree on trade, highlighting a global shift towards protectionism (for ten years, the finance ministers and central bankers of the world's top twenty economies have rejected protectionism and endorsed free trade). Failure to agree on a commitment to keep global trade free and open will have negative consequences. Watered-down free trade commitments reflect the mood of anti-globalisation that Donald Trump endorses. Another Trump ‘win’ is that the G20 dropped a reference, used last year, to its readiness to finance climate change, as agreed in Paris in 2015, because of opposition from the United States and Saudi Arabia. Trump has called global warming a ‘hoax’ concocted by China to hurt US industry, and has vowed to scrap the Paris climate accord aimed at curbing greenhouse gas emissions. Pray for his administration to reconsider its proposed 31% cut to the Environmental Protection Agency's budget. See also
G20: key concerns
Written by David Fletcher 24 Mar 2017Additional Info
- Pray: for global leaders to strengthen the contribution of trade to all economies, reduce excessive global imbalances and inequality, and promote ‘wise and Godly’ policies. (Ps.33: 10,11a (CEB))
- More: www.reuters.com/article/us-g20-germany-markets-analysis-idUSKBN16Q0H4
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