The G20, is an international assembly of the most influential financial ministers and central bankers from 20 major economies. With the aim of dissecting and reviewing a range of policy issues to encourage global financial stability, the members met this year for a two-day session in Germany.
While the press are not allocated a seat at the convention, trickles of news are given throughout the discussions.
Central to this year’s meeting was global trade. Financial leaders vowed to uphold free and open global trade, a clear response to the rising protectionist policies of the Trump administration. The members of this highly-influential group aimed to quench the growing nationalist values that have spurred from the White House since November 2016 to present.
Breaking a decade-long custom of endorsing open trade, the pledge was only a token reference to trade. The weekend’s summit was seen as a failure by many as the body failed to reach a comprise.
Now, with world leaders shunning the chance to stand united in the face of raising protectionist rhetoric in the political stage, investors have turned bearish. The forum has spread fears of tariffs and more stringent boarders across markets.
Nations who rely on exports have been affected the most, Germany’s DAX 30 has lost some of its gains at €12086.
In the debate, which apparently at times felt like 19 against one, the US failed to agree on key issues which prevented a common understanding amongst policymakers.
As international trade makes up half of global output, investors are still grappling with headline news from the weekend’s forum. The G20 meet again in the city of Homburg, Germany, this July. The summer meet-up is seen as a chance to get the US to comprise and to join the rest of the group in promoting global financial stability.