BERLIN (Reuters) - Trade conflicts and possible turbulence on financial markets represent the biggest risks for the economy, a German official said on Tuesday, adding that G20 finance ministers would stress trade barriers were the wrong route at their upcoming meeting.
“The escalation of trade conflicts and uncertainty about the future of international cooperation is the biggest risk that we see,” a high-ranking finance ministry official said before a July 21-22 gathering of Group of Twenty finance ministers and central bank chiefs in Buenos Aires.
“We’ll say again that trade restrictions can’t be the right answer. They hurt everyone,” the official added.
Reporting by Gernot Heller; Writing by Michelle Martin; Editing by Madeline Chambers