G20 to recognize need for ‘further dialogue and actions’ on trade

BUENOS AIRES (Reuters) – The world’s financial leaders are likely to reaffirm on Tuesday their commitment to fight protectionism and recognize the need for “further dialogue and actions” on trade, just days before U.S. steel and aluminum tariffs are to enter into force.

Finance ministers and central bankers of the world’s 20 biggest economies, the G20, have been discussing the risk to global economic growth posed by a potential trade war caused by the U.S. tariffs and looming trade sanctions on China.

A draft communique seen by Reuters showed the financial leaders added a phrase that was not in their initial draft, which stresses the need for further talks on trade issues.

“International trade and investment are important engines of growth, productivity, innovation, job creation and development,” the G20 said in the latest draft communique seen by Reuters.

“We reaffirm the conclusions of our Leaders on trade at the Hamburg Summit and recognize the need for further dialogue and actions. We are working to strengthen contribution of trade to our economies,”

A final communique is expected to be released later on Tuesday.

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