G-20 summit;峰会； fallout;附带结果；: Trade barriers ;障碍；and tensions
;紧张；could rise as more countries go it alone ;单干；
G-20 leaders pose for a group photo at the G-20 summit in Seoul, South Korea, Friday, Nov. 12, 2010. Top row, left to right: World Trade Organization chief Pascal Lamy; International Monetary Fund Managing Director Dominique Strauss-Kahn; ILO Director-General Juan Somavia; Saudi Arabia's Foreign Minister Prince Saud al-Faisal; Singapore's Prime Minister Lee Hsien Loong; Prime Minister Jose Luis Rodriquez Zapatero of Spain; Prime Minister Nguyen Tan Dung of Vietnam; Secretary-General of the United Nations Ban Ki-moon; World Bank President Robert Zoellick; OECD Secretary-General Angel Gurria; Financial Stability Board (FSB) Chairman Mario Draghi. Second row, left to right: President Bingu wa Mutharika of Malawi; President of the European Council Herman Van Rompuy; Prime Minister Naoto Kan of Japan; Prime Minister Silvio Berlusconi of Italy; Chancellor Angela Merkel of Germany; Prime Minister Manmohan Singh of India; Prime Minister Stephen Harper of Canada; British Prime Minister David Cameron; Prime Minister Julia Gillard of Australia; Commission President Jose Manuel Barroso of the European Union; Prime Minister Meles Zenawi of Ethiopia. Bottom row, left to right: President Jacob Zuma of South Africa; President Dmitry Medvedev of Russia; President Nicolas Sarkozy of France; President Susilo Bambang Yudhoyono of Indonesia; President Luis Inacio Lula da Silva of Brazil; President Lee Myung-bak of South Korea; President Hu Jintao of China; President Felipe Calderon of Mexico; President Cristina Fernandez de Kirchner of Argentina; President Barack Obama of the United States; Prime Minister Recep Tayyip Erdogan of Turkey. (AP Photo/Charles Dharapak)
Paul Wiseman, AP Economics Writer, On Friday November 12, 2010, 5:06 pm EST WASHINGTON (AP) -- The world's most important economies are going home to look after themselves. They left their summit without any meaningful agreement, finding it ever harder to cooperate ;合作； and more likely to erect ;建立？竖立；trade barriers to protect
their own interests.
The Group of 20 meeting of leading rich and developing nations ended Friday in South Korea with no solutions to longstanding ;长期的； tensions over trade and currency;货
币；, and with the cooperation of the 2008 financial crisis now a distant memory. The U.S. couldn't persuade other countries to pressure China to stop manipulating;操纵；
its currency or limit their own trade surpluses;贸易顺差； and deficits ;赤字；. The
Americans faced charges ;指控； of doing some currency manipulation of their own by pumping $600 billion into their economy.
The stalemate;僵局； in Seoul means that trade disputes could intensify;变激烈；, warns
Eswar Prasad, professor of trade policy at Cornell University. He's worried that there "may be more open conflicts on currency matters. This has the potential to feed into more explicit ;明确的？清楚地； forms of protectionism ;保护主义；, which could set back ;推
迟； the global recovery."
The summit was a diplomatic setback ;外交退步；for the United States.
China was supposed to be the villain;恶人； of the G-20 meeting. The U.S. and other
countries have accused Beijing of keeping its currency, the yuan, artificially low to give its exporters an unfair advantage. The currency manipulation helps Chinese exporters by making their goods less expensive around the world, leading to charges that cheap Chinese products cost America jobs at a time when U.S. unemployment is stuck at 9.6 percent.
The U.S. wanted to rally;团结？集合； other G-20 delegates to strong-arm;用暴力对付；
China over the yuan. A stronger yuan would reduce the U.S. trade deficit;贸易逆差； with
China, which is on track to match the 2008 record of $268 billion. But the U.S. argument was undercut ;底切？削弱； by accusations;指责； that the Federal Reserve ;美联
储； was rigging ;操纵？垄断；the currency market itself.
Last week, the Fed said it would essentially print $600 billion to jolt ;颠簸？震荡；the U.S.
economy back to life. The Fed says its plan to buy Treasury bonds ;国库债券； was
designed to lower long-term interest rates;利率 ；, spur economic growth and create jobs.
Since the Fed hinted at the policy in late August, the Dow Jones industrials;道琼斯工业
指数； have risen 13 percent , and interest rates on 30-year fixed-rate mortgages ;固定
利率抵押贷款； have hit a record low of 4.17 percent.
But foreigners saw a more sinister;凶险的； intent;意图；: to flood world markets with
dollars, driving down the value of the U.S. currency and giving U.S. exporters a price edge;优势；.
"Basically, what happened was a diplomatic coup;政变； for China," says William Cline,
senior fellow ;研究员； with the Peterson Institute for International Economics. A few months ago, countries from Brazil to Germany were criticizing Chinese trade policies.
"Fast-forward, and now China and Germany and Brazil are blaming the United States for causing currency problems."
Emerging economies ;新兴经济； also complained that the Fed's bond ;债券；
purchases would push Treasury yields;收益； so low that investors seeking higher returns ;回报；will overwhelm;压垮？打击； their fragile ;脆弱的； markets. The fear: Investors
would sink money into emerging market assets;资产； -- currencies, stocks and other
investments. That would push up their currencies, hurt their exporters, trigger;引发；
inflation;通货膨胀；, create bubbles;泡沫； in stocks and other assets and leave them
vulnerable to;易受攻击的； a crash when investors withdraw ;撤退；their money.
The final G-20 statement Friday endorsed ;支持？赞同； the idea that emerging markets
can protect themselves from the threat of such "hot money" ;热钱；by imposing controls
on the flow of capital ;资本流动； -- a measure that used to be considered "a big no-no;禁忌之事；" and a violation;违反； of free-trade principles, says Homi Kharas, a senior fellow at the Brookings Institution. The trend is already starting. China and Taiwan this week announced new capital controls.
The fear is that countries will take even stronger steps to give themselves an advantage, creating the risk of a currency or trade war ;贸易战；. The U.S. House has already passed
legislation that would let the U.S. government impose punitive;惩罚性的； tariffs ;关税；
on Chinese imports in retaliation for;报复； the weak yuan, though the Senate has not
Cornell's Prasad expects to see China and other countries impose tariffs and duties(关税),
subsidize;资助？补贴； their exporters with cheap bank financing or tax credits;税收抵
免；, bring cases against each in the World Trade Organization and use bogus ;假的；
health concerns to block some imports.
In a sign of the United States' diminished;减小； clout ;影响力；at the summit, the U.S.
could not even close a long-awaited free-trade agreement with close ally ;同盟； and
summit host South Korea. The trade pact (贸易协定) would slash ;大幅度削减； tariffs
and other trade barriers between the two countries.
As the G-20 meeting closed, President Barack Obama and many other leaders flew to Japan for the Asia-Pacific Economic Cooperation summit in Yokohama, Japan, on Saturday and Sunday.
At the height of the financial crisis in 2008 and 2009, the G-20 nations tried to present a united front ;统一阵线；, agreeing to take steps to boost;促进； their economies, to
reform their financial systems and to reject protectionist policies. But now that the world economy is growing again -- and China and other emerging markets are booming -- "that unity;团结； has begun to dissolve;溶解？分解；," Prasad says. "The group is now
splintering;分裂； with competitive policies taking the place of coordinated;协调的； policy
actions." The result: "a situation ripe ;成熟的；for conflict."
The G-20 itself acknowledged the problem in its final statement: "Uneven ;不平衡的；growth and widening imbalances are fueling ;加燃油；the temptation ;诱惑力； to diverge ;偏离？分离； from global solutions into uncoordinated actions." But the go-it-alone;独立的？单干的； approach, the statement concluded, "will only lead to worse outcomes ;结果；for all."