‘Trade war a reality’ French finance minister warns:
A trade war is currently a reality, French minister of finance Bruno LE Maire has warned as G20 ministers gather for a summit in Argentina.
The current United States trade policy of imposing unilateral tariffs is based on “the law of the jungle”, he said.
But United States Treasury Secretary Steven Mnuchin defended the tariffs and urged the EU and China to open their markets to permit free competition.
Last week, United States President Donald Trump described the EU as a foe on trade.
Mr. Trump later threatened to impose tariffs on all $500bn (£380bn) of Chinese product getting into the US in a growing trade row.
The United States has large trade deficits with both the 28-member EU and China.
The two-day talks in Buenos Aires bring together finance ministers and central bankers of the world’s top twenty economies.