Question

A group of 20 developed and developing countries meet periodically to discuss world economic issues.Their meetings are called the G20 Summit in XXX city.First, read about the background of the G20, at(Links to an external site.)Links to an external site.You may need to click on "Translate". Then,find out when and where the latest G20 summit was held and what issues the leaders of these countries addressed.Summarize the issues here, and discuss the U.S.role in these issues. Use at least one news source(not Wikipedia)that discusses the results of the summit. Be sure to list any sources that you use in forming your response to this assignment.

Answer 1

The G20 Summit is formally known as the 'Summit on Financial Markets and the World Economy.' As the 'premier forum for international economic corporation' representing more than 80 percent of the global GDP, the G20 has made continuous efforts towards achieving robust global economic growth.

The recent editions of G20 not only focus on macroeconomy and trade but also focus on global issues which directly or indirectly impact the global economy. Some of the examples include climate change, health, migration, terrorism, water crises etc.

The 2019 G20 Osaka summit will be the fourteenth edition of the G20 summit. This year, the summit will be held from June 28, 2019, to June 29, 2019, at the International Exhibition Center in Osaka. This will be the first G20 summit to be hosted in Japan.

G20 Summit 2019: Major issues

US China issue

Overshadowing the G20 meeting, US President Donald Trump and Chinese President Xi Jinping meet amid hopes for a breakthrough in the trade war between the world's two biggest economies, which has already dented global growth.

The United States and China agreed to a tentative truce in the nearly year-old dispute ahead of the Osaka meeting, Hong Kong's South China Morning Post reported on Thursday, citing sources.

Trump said a deal was possible but he was prepared to impose tariffs on virtually all Chinese imports not already subject to US levies, if the two countries continue to disagree.

Global economy

Policymakers are in a bind as global growth slows because of trade tensions, with the US Federal Reserve signalling it will cut interest rates.

That is weakening the dollar and putting pressure on the European Central Bank and Bank of Japan to come up with ways to keep their currencies from spiking, which would undermine their export-reliant economies.

Abe hopes to get free-trade language in the meeting's closing communique but faces resistance from Trump, who last year forced the G20 to drop its longstanding pledge to avoid protectionism.

Climate change

A tussle over global warming continues, with US negotiators opposing a European-led push for a strong commitment to fighting climate change.

The latest draft of the G20 language on climate change, seen by Reuters, revives support for the 2015 Paris Agreement, calling it “irreversible”. An earlier draft had avoided that commitment at the insistence of the United States, two sources told Reuters.

President Emmanuel Macron said France would not accept a G20 communique that does not mention the Paris accord. Trump, who has called global warming a “hoax”, pulled the United States out of the pact in 2017.

Iran and oil

While Iran is not a G20 member, it was very much there in spirit as the threat of war with the United States looms after a series of incidents in the Gulf and escalating rhetoric.

Trump at the last minute halted an air strike on Iran last week in retaliation for its downing of a US drone. Since then, he has strengthened sanctions on Iran and threatened it with ”obliteration”. Iran said his sanctions were “mentally retarded”.

As well as the Gulf tensions, oil markets are on edge about a looming deadline for OPEC to decide whether to extend production cuts. That could be the focus of Osaka meetings between Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman.

Ocean trash

One G20 agenda item on which leaders streesed was reducing the glut of plastic waste in the oceans - although specific targets and firm commitments to action are unlikely.

The G20 will adopt a new implementation framework for steps to reduce marine plastic waste, though on a voluntary basis.

Most of these issues had a key role for United States to play, the US-Chinese trade deal ramoins an issue of contention where both the parties accuese each other of bad practices and market distortions, there have been many sanctions imposed by both the countries on each other and the issue is affecting the global economy now. Climate change is yet another issue which devides the administration of Donald Trump and rest of the world, many countries want to work on the plan of Paris summit but the United States seems not interseted as of now. The Iran neuclear deal during the Obama administration was cancelled by USA and has since become a major issue, there were many standoffs between the Iranian forces and the US backed forces in neighbouring countries, there have been threats of obliteraction and sacntions were imposed and the issue has seen some countries supoorting Iran while others are highly skeptic of its actions and inentions.