Geopolitical tensions, inward-looking policies, and the unexpectedly swift end to easy credit are the key risks to the broadest upturn in global growth since 2010, according to a draft statement by the G-20 group of leading economies.
The communique omitted any direct references to the fight against protectionism, an issue likely to loom over discussions following the U.S government’s move to slap import tariffs on steel and aluminum.
The group promised it would avoid competitive devaluations and stressed the importance of international trade as an engine of growth.
The draft statement did, however, ring some alarm bells over crypto-assets, warning that they raised some concerns over tax evasion, money-laundering and terrorist financing.
The EU and other foreign trading partners are seeking exemptions to the 25 percent tariffs on imported steel and 10 percent on aluminum that President Donald Trump announced this month.