G-20 leaders: We need to ‘step up dialogue’ on trade

Officials at the Group of 20 (G-20) summit in Argentina will reportedly vow Sunday to increase dialogue amid escalating trade disputes between the U.S. and several other nations. 

Finance ministers and representatives from G-20 nations met in Buenos Aires this week to discuss the global economy. Treasury Secretary Steven Mnuchin was among those in attendance for the U.S.

Reuters reported that leaders in attendance will issue a joint communique that notes economic growth and low unemployment rates worldwide, but cautions that short- and medium-term risks have increased.

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“We … recognize the need to step up dialogue and actions to mitigate risks and enhance confidence,” a draft of the communique said. “We are working to strengthen the contribution of trade to our economies.”

The draft communique is reportedly still being finalized.

President Trump imposed steep taxes on steel and aluminum imports earlier this year, despite pleas from Republicans and Democrats alike not to do so.

He went on to impose $34 billion in tariffs on Chinese imports, which the Chinese government quickly matched on U.S. products.

While lawmakers have warned that the tariffs ultimately hurt American workers, Trump has only ratcheted up his rhetoric. He has said the European Union (EU) is a “foe,” particularly when it comes to trade, and vowed to take additional action if a new deal is not struck soon.

Trump’s comments and policies have roiled longtime U.S. allies, and prompted the EU, Canada, Mexico and others to implement retaliatory tariffs on U.S. goods.