rain
Friday December 14th, 2018 4:37PM

EU, IMF warn of US protectionism, back multilateral trade

By The Associated Press
Related Articles
  Contact Editor

BERLIN (AP) — Leaders of the International Monetary Fund, World Trade Organization and other agencies warned Monday that American protectionism could cause global economic damage, while the European Union backed a Group of Seven declaration that U.S. President Donald Trump abruptly refused to join.

At a meeting in Berlin hosted by Chancellor Angela Merkel, the German leader and top officials from a half-dozen international organizations said in a joint statement that the "increasing protectionist tendencies provide us with a clear incentive and opportunity to express our strong support for the multilateral trading system."

Merkel, fresh from the G-7 meeting in Canada, said those at the meeting were "firmly convinced that sustainable world economic development can only be achieved in cooperation and through win-win situations."

She said with the Trump administration's decision to implement new tariffs on aluminum and steel imports to the United States, "multilateralism right now is in a complicated and difficult phase."

The meeting included the heads of the International Monetary Fund, the World Trade Organization, the Organization for Economic Cooperation and Development, the African Development Bank, the International Labor Organization, and a top World Bank official.

IMF head Christine Lagarde told reporters the global economy was in good shape, saying "the sun is still shining" but that it's "getting darker by the day."

"The biggest and darkest cloud that we see is the deterioration that is prompted by the attempt to challenge the way in which trade is being conducted, in which relationships have been handled, and the way in which multilateral organizations have been operating," Lagarde said without singling out any countries by name.

Following the G-7 summit meeting over the weekend, Trump at first agreed to join a statement on trade the leaders issued. The U.S. president withdrew from it later, complaining he'd been blindsided by Canadian Prime Minister Justin Trudeau's criticism of his tariff threats during a summit-ending news conference.

On Monday, European Commission spokesman Margaritis Schinas said the EU "stands fully behind" the statement and "will continue to stand up for an international, rules-based, multilateral system."

Schinas added that EU Commission President Jean-Claude Juncker thanked Trudeau — who Trump called "dishonest" and "weak" on Twitter — "for the excellent preparation and chairing of this challenging summit."

British Prime Minister Theresa May also went out of her way to thank her Canadian counterpart "for his leadership and skillful chairing" of what she called "a difficult summit with at times some very candid discussions."

Speaking to the House of Commons, May said the other G-7 nations "expressed deep disappointment at the unjustified decision of the United States to apply tariffs to steel and aluminum imports" and urged dialogue to avoid "tit-for-tat escalation."

London Mayor Sadiq Khan said he hoped Trump would reconsider policies such as the recent increase in tariffs on steel and aluminum from Europe, China, Mexico, Canada and elsewhere.

"I would hope that he would reflect on what his closest allies are saying... Not just the U.K., but Canada, Germany, Japan — these aren't foes, these are friends," he told The Associated Press at a technology conference.

"When there's a trade war, everyone's a loser," Khan said.

___

Lorne Cook in Brussels and Jill Lawless in London contributed.

  • Associated Categories: Associated Press (AP), AP World News, AP Business, AP Business - Economy, AP Business - Industries, AP Business - Financial Services
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
EU, IMF warn of US protectionism, back multilateral trade
Leaders of the International Monetary Fund, World Trade Organization and other international agencies warn that American protectionism could cause global economic damage
3:08PM ( 3 minutes ago )
Dorothy Cotton, civil rights pioneer and MLK colleague, dies
The Southern Christian Leadership Conference says a civil rights pioneer who worked closely with the Rev. Martin Luther King Jr. has died
2:56PM ( 15 minutes ago )
Gunman holding 4 kids hostage in Florida standoff
Authorities are attempting to resolve a standoff with a man who barricaded himself in an apartment in Orlando, Florida, after police say he shot a police officer responding to a report of a domestic dispute
2:54PM ( 17 minutes ago )
Associated Press (AP)
Poll: Americans want more of what journalists want to report
Surveys of the public and journalists about the news media find they want many of the same things, but aren't sure that's being delivered
2:16PM ( 55 minutes ago )
Your internet use could change as 'net neutrality' ends
Your ability to watch and use your favorite apps and services could start to change _ though not right away _ following Monday's formal repeal of Obama-era internet protections
1:56PM ( 1 hour ago )
Germany orders Daimler to recall 238,000 diesel vehicles
Germany's transport minister says the government is ordering automaker Daimler to immediately recall 238,000 vehicles equipped with software that turns off emissions controls under certain conditions
1:50PM ( 1 hour ago )
AP Business
London mayor upbeat about tech despite investment concerns
London Mayor Sadiq Khan says he's optimistic the city will continue to attract international investors after Brexit as a survey showed Britain's attractiveness as a destination for foreign direct investment dimmed last year
11:58AM ( 3 hours ago )
Stock markets higher ahead of Trump-Kim meeting
Global markets are mostly higher as Donald Trump prepares to meet North Korean leader Kim Jong Un.
10:08AM ( 5 hours ago )
Global markets higher ahead of Trump-Kim meeting
Global markets are mostly higher as Donald Trump prepares to meet North Korean leader Kim Jong Un.
7:42AM ( 7 hours ago )
AP Business - Economy
Pope to oil execs: Energy needs mustn't destroy civilization
Pope Francis tells oil executives that world's energy needs "must not destroy civilization"
5:19PM ( 1 day ago )
In pro-Trump ND, Democrat Heitkamp has no time for resisting
Sen. Heidi Heitkamp, a first term Democrat running for re-election in North Dakota, is walking a fine line between her pro-President Donald Trump record and her Democratic leanings, but she dismisses her party's resistance movement as unproductive.
12:43PM ( 2 days ago )
Pope to oil execs: Clean energy is an 'epochal' challenge
Pope Francis has told a meeting with some world oil executives that the transition to less-polluting energy sources "is a challenge of epochal proportions.''
8:53AM ( 2 days ago )
AP Business - Industries
IMF: Argentina's targets possible but require commitment
The International Monetary Fund says Argentina's fiscal targets set as part of a $50 billion deal with the IMF are possible but will require commitment by the South American country
4:35PM ( 2 days ago )
After an early stumble, US stock indexes end modestly higher
The stock market shook off a bumpy start and ended modestly higher, led by gains in consumer products companies like Monster Beverage and Procter & Gamble.
4:31PM ( 2 days ago )
Household goods makers lead stocks as G-7 summit begins
U.S. stocks are rising as consumer products companies like Monster Beverage and Procter & Gamble rise.
2:56PM ( 3 days ago )
AP Business - Financial Services
Dorothy Cotton, civil rights pioneer and MLK colleague, dies
The Southern Christian Leadership Conference says a civil rights pioneer who worked closely with the Rev. Martin Luther King Jr. has died
2:56PM ( 15 minutes ago )
Gunman holding 4 kids hostage in Florida standoff
Authorities are attempting to resolve a standoff with a man who barricaded himself in an apartment in Orlando, Florida, after police say he shot a police officer responding to a report of a domestic dispute
2:54PM ( 17 minutes ago )
Judge peppers lawyers on Trump business with foreign gov'ts
Lawyers for Maryland and the District of Columbia accused President Donald Trump in federal court of "profiting on an unprecedented scale" from foreign government interests using his Washington, D.C., hotel.
2:53PM ( 19 minutes ago )
Air Force officer who vanished in 1983 found using fake ID
Authorities say an Air Force officer with top security clearance who disappeared in New Mexico 35 years ago has been found in California after using a false name for decades
2:45PM ( 26 minutes ago )
Supreme Court allows Ohio, other state voter purges
The Supreme Court has ruled that states can target people who haven't cast ballots in a while in efforts to purge their voting rolls
2:26PM ( 45 minutes ago )