AFP, Buenos Aires :
Tariffs, tech and taxes will strain finance ministers from G20 countries at a meeting in Argentina next week overshadowed by the gathering clouds of a trade war.
The two-day meeting in Buenos Aires, which starts Monday, comes at a particularly tense moment just two days before the United States is set to begin imposing tariffs on steel and aluminum imports.
US President Donald Trump has pledged to impose 25 percent duties on imported steel and 10 percent on aluminum. Only neighbors Canada and Mexico were exempted.
“Up to now, finance ministers were reticent to tackle the subject of trade, considering that it was not their area of competence,” a source close to the negotiations said.
“But the situation is such today that they will not be able to not speak about it. The question is how far we can go.” Meanwhile, the US treasury wants to use the meeting to win consensus on how to combat China’s trade practices, particularly its cheap steel exports.
Except that Trump, far from being reserved when it comes to Beijing, also regularly attacks Europe.
“It’s a funny strategy which consists of targeting China by threatening US allies,” said a European source.
The meeting in Buenos Aires, which also involve G20 central bank chiefs, will be a test of European cohesion ahead of a meeting next week between the US and EU officials on steel and aluminum taxes.
Tariffs, tech and taxes will strain finance ministers from G20 countries at a meeting in Argentina next week overshadowed by the gathering clouds of a trade war.
The two-day meeting in Buenos Aires, which starts Monday, comes at a particularly tense moment just two days before the United States is set to begin imposing tariffs on steel and aluminum imports.
US President Donald Trump has pledged to impose 25 percent duties on imported steel and 10 percent on aluminum. Only neighbors Canada and Mexico were exempted.
“Up to now, finance ministers were reticent to tackle the subject of trade, considering that it was not their area of competence,” a source close to the negotiations said.
“But the situation is such today that they will not be able to not speak about it. The question is how far we can go.” Meanwhile, the US treasury wants to use the meeting to win consensus on how to combat China’s trade practices, particularly its cheap steel exports.
Except that Trump, far from being reserved when it comes to Beijing, also regularly attacks Europe.
“It’s a funny strategy which consists of targeting China by threatening US allies,” said a European source.
The meeting in Buenos Aires, which also involve G20 central bank chiefs, will be a test of European cohesion ahead of a meeting next week between the US and EU officials on steel and aluminum taxes.
