G20: Russia warns of the threat posed by new global trade rules.
On Thursday—the second and final day of the G20 trade ministers' meeting—Russia warned of the threat hanging over global trade.
On the sidelines of the gathering in Milwaukee, Wisconsin (USA), the Minister of Economic Development highlighted the "uncertainty" surrounding new trade rules.
"In an effort to protect their economies—referring to other G20 member nations—rules are being dismantled, presumably to pave the way for new ones. Yet, these new rules remain vague for the time being. Right now, the focus is less on establishing new norms and more on dismantling international frameworks that hinder deal-making, shifting instead toward a logic of bilateral relations and the 'law of the strongest.' Russia understands this dynamic better than anyone, as attempts are being made by every possible means to restrict our trade. Furthermore, when we speak of the food trade, we are also referring to the trade in fertilizers," stated Maxim Reshetnikov, Russia's Minister of Economic Development.
There is apprehension amidst a global trade environment disrupted—notably—by the trade policies of U.S. President Donald Trump. His repeated imposition of tariffs raises the threat of a trade war with numerous countries.
