BERLIN: Germany and other members of the G20 group of major economies warned against protectionism at a G20 meeting in the Argentine capital Buenos Aires on Monday, as US trading partners prepare for planned US tariffs on steel and aluminum.
“We must make sure that protectionism will not now define the global landscape, but that there will still be open markets,” German Finance Minister Olaf Scholz told reporters. He added that he expected the final communique to emphasize the importance of free trade.
The head of the German central bank, Jens Weidmann, said the “dominant opinion” during the meeting was that trade spats should be solved “within the existing rule-based trade system.”
He added that a trade war would harm global growth: “It is clear that such an escalation would only create losers in the end.”
German Economic Affairs Minister Peter Altmaier lobbied US Commerce Secretary Wilbur Ross for an EU exemption during a meeting in Washington, DC on Monday.
Following the meeting, Altmaier said he and Ross had agreed to intensifying US-EU talks on an exemption.
He said the US could be willing to grant the EU a temporary exemption as early as next week while both sides negotiate a permanent solution, adding: “We anticipate further discussions over the next few days.”
