G20: Top economies yield to US, drop no-protectionism pledge

Source: Sacramento Bee

“The world’s top economic powers dropped a pledge to oppose trade protectionism amid pushback from the Trump administration, which wants trade to more clearly benefit American companies and workers. Finance ministers from the Group of 20 countries meeting in the southern German town of Baden-Baden issued a statement Saturday that said only that countries ‘are working to strengthen the contribution of trade’ to their economies. By comparison, last year’s meeting called on them to resist ‘all forms’ of protectionism, which can include border tariffs and rules that keep out imports to shield domestic companies from competition.” (03/18/17)