European Commissioner for Economic and Financial Affairs Pierre Moscovici speaking from the G20 meeting in Buenos Aires
- World growth faces risk of inward looking policies and protectionism
- Says hopes G20 communique on Tuesday will reflect that protectionism is not the solution and must be avoided
- Says trade war would be stupid, damaging on both sides of the Atlantic
- EU is preparing counter measures to US tariffs on steel and aluminium, hopes they won't be necessary
(ps. a post on the countermeasures from yesterday: EU publishes US tariffs retaliation lists)
While comments from an EU chap, the growth risks are weighing on currencies exposed to impacts on trade and growth (looking at you AUD). I have seen multiple analysts say nothing will come from all this talk of increasing trade protectionism. I am not so sanguine.
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Oh .... similar comments coming from others in Argentina now
German finance minister and Buba President both speaking along the same lines
