Trade the Standout Issue From G20 Communique

As global finance chiefs return from their first collective engagement with the Trump administration, they’re bringing home a load of unfinished business.

While the weekend meeting of the Group of 20 in the German spa town of Baden-Baden kept up its tradition of a communique to present a veneer of agreement, it only did so by papering over new cracks in the order underpinning the world economy. Barely hinting at the merits of free trade, the statement’s omissions show how global economic diplomacy is now beset with a fault line that could overshadow it for months, if not years.

As recently as last July, the G-20 had promised to “resist all forms of protectionism,” a pledge now absent as the previous consensus on commerce is challenged by the recent election of U.S. President Donald Trump. Before he and the rest of the group’s leaders meet again in Hamburg in July, his counterparts have little more than 100 days to gauge if the removal of those words represents the beginning or the end of his administration’s attempt to reset global terms of trade that it abhors as economically unfair.

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.