Concerns about the lack of a statement on trade protectionism in the G20 finance ministers’ summit communique may be overstated. While it indicates a more hawkish intent by Treasury Secretary Mnuchin than initially anticipated, the G20 is not normally a trade policy-making body. Indeed the U.S. stance is more likely to result in other countries and regions pursuing their own deals. One example is increased momentum in Japan-EU talks in the past few days. Trade between the two is more-or-less balanced at around $75 billion in exports by each. Yet, the U.S. still matters – it accounts for ...