Kyodo News: Trade Currencies and Trans-Pacific Partnership

kyodo news: Trade and currencies have been the two main themes of the G-20 finance chiefs' meeting, the first since U.S. President Donald Trump took office in January, according to The Japan Times. The Trump administration has pulled out of the Trans-Pacific Partnership free trade deal and pledged to push an America First agenda. Meanwhile, the wording that the G-20 will resist all forms of protectionism has been dropped from the latest draft of the communique, a copy obtained by Kyodo News showed, apparently reflecting staunch U.S. opposition. During the first day of the gathering in Germany's Baden-Baden, several major countries expressed opposition to reneging on the G-20 stance to promote free trade, the source said. On the currency front, the latest draft communique involves all existing G-20 agreements on currencies. The draft statement says downside risks for the global economy remain, adding that the G-20 finance ministers and central bankers are determined to use all policy tools monetary, fiscal, and structural to achieve strong, sustainable, balanced and inclusive growth. (news.financializer.com). As reported in the news.