|Global stocks fell early Monday after the Group of 20 finance ministers’ decision to drop a pledge to avoid protectionism from the joint communique they issued at the end of their weekend meeting in Germany. European shares dropped by as much as 0.3 percent, and U.S. futures were down by 0.2 percent before the markets opened. Many observers interpreted the shift on protectionism as a victory for President Trump, who has argued that the U.S. has not been served well by multilateral trade agreements, and threatened to impose restrictions against some trading partners to keep relations fair. Many nations, including European powerhouses, China, and Australia, opposed dropping the anti-protectionist language.
Source: Reuters, Bloomberg