FIRST AIRED: March 17, 2017

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Transcript

00:00:01
>> The financial chiefs of the world's 20 largest economies maybe struggling to form a united front with the administration of US President Donald Trump. The leaders meeting for a G20 Summit In Germany, where a draft resolution seen by Reuters makes no reference to trade or protectionism issues. A final version won't come out until Saturday.
00:00:22
But in its current form it breaks with a decade of tradition where all of the governments would endorse free trade at the meeting. It comes as the Trump administration says it needs to reexamine its relationship with some trade partners. One is Germany itself where the White House has suggested import tariffs to offset a $65 billion trade deficit in Berlin's favor.
00:00:45
>> It is not our desire to get into trade wards. It is our desire to deal with where there is imbalance in certain trading relationships that we have a means to address that. The trade has been a very important part of economic growth, and our focus is that it works reciprocally and that it's fair.
00:01:07
>> That term, fairness, is key Some leaders have said the US is ready to back a resolution for open and fair trade because it can be interpreted several ways. Europe, in comparison, wants to add the phrase, rules based, meaning the rules of the World Trade Organization.>> Europeans are also arguing against Trump's plans to roll back US financial laws introduced after the 2008 economic crisis.
00:01:33
Called the Dodd-Frank Act, its critics have said it places an undue regulatory burden on large corporations. The draft does renounce trade wars, and warns against allowing currency exchange rates to become volatile. Germany's finance minister has said the group is still trying to find the right wording.