Global economic growth is poised to pick up this year, though the alarm bells about trade protectionism are getting louder.
That’s the backdrop for central bankers and finance ministers from the Group of 20 (G20) nations who gather on July 21 and 22 in Buenos Aires. It’s the first meeting of the club that oversees 85 percent of the world economy since President Donald J. Trump imposed tariffs on China and the European Union (EU), sparking retaliation in the first salvo of a global trade war.
Financiers and business leaders from G20 nations cautioned about the repercussions of increased protectionism ahead of this weekend’s meetings. US Federal Reserve Chairman Jerome Powell on Tuesday said trade barriers threaten productivity and wages, while BlackRock Inc. boss Larry Fink warned intensifying tensions could spur a broad market downturn.
“Global growth has reached an inflection and tipping point, with signs that the escalating US-China trade war is starting to disrupt business and investment,” said Chua Hak Bin, senior economist at Maybank Kim Eng Research Pte. in Singapore. Click here to read more.
- IMF Concerned Over Global Trade War (Euractiv)
- Global Stocks Drift Lower as Investors Await News on Trade (Associated Press)
- Trade Wars Will Disrupt Supply Chains, Slow Global Growth (Forbes)