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G20 finance ministers fail to reach an agreement to uphold free trade

Finance ministers and central bank governors of the world's 20 biggest economies at a meeting in Germany during the weekend failed to keep their commitment to endorse free trade in the G-20 communique. Finance ministers warned against competitive devaluations and disorderly FX markets but failed to agree on keeping global trade free and open.

G20 finance ministers and central bankers made only a token reference to trade in their communiqué on Saturday, a clear defeat for host nation Germany and for other countries which rely significantly on exports. The development led to warnings over the weekend on the outlook for trade, a key issue for host nation Germany, which fought the new US government’s attempts to water down past commitments.

“The weak wording on trade is a defeat for the German G20 presidency,” Ifo economist Gabriel Felbermayr said. “This is particularly true in the light of the fact that Germany is one of the world’s strongest export nations and relies on open markets to maintain its prosperity like hardly any other country.”

G20 finance ministers also removed from their statement a pledge to finance the fight against climate change. French Finance Minister Michel Sapin said he regretted that a G20 meeting had failed to reach satisfactory conclusions on climate change and trade.

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2017-03-23 08:00:49
0m

March 23 07:45 UTC Released

FRBusiness Climate

Actual

104 %

Forecast

107 %

Previous

107 %

March 23 07:00 UTC Released

TRConsumer Confidence*

Actual

67.8 %

Forecast

Previous

65.70 %

March 23 09:30 UTC 7070m

GBRetail Sales MM

Actual

Forecast

0.4 %

Previous

-0.3 %

March 23 09:30 UTC 7070m

GBRetail Sales Ex-Fuel MM

Actual

Forecast

0.4 %

Previous

-0.2 %

March 23 09:30 UTC 7070m

GBRetail Sales YY

Actual

Forecast

2.6 %

Previous

1.5 %

March 23 09:30 UTC 7070m

GBRetail Sales Ex-Fuel YY

Actual

Forecast

3.1 %

Previous

2.6 %

March 23 11:00 UTC 160160m

GBCBI Distributive Trades

Actual

Forecast

5 %

Previous

9 %

March 23 12:30 UTC 250250m

USJobless Claims 4-Wk Avg

Actual

Forecast

Previous

237.25 k

March 23 12:30 UTC 250250m

USInitial Jobless Claims

Actual

Forecast

240 k

Previous

241 k

March 23 12:30 UTC 250250m

USContinued Jobless Claims*

Actual

Forecast

2.035 mln

Previous

2.030 mln

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