In German chancellor Angela Merkel’s words, the G20 accord issued on Saturday did not even attempt to paper over the differences between the United States and the other 19 G20 members. It explicitly notes the decision of The United States to withdraw from the Paris Climate Treaty while the remaining 19 members reaffirmed their commitment to it. On trade and investment, there are the usual platitudes about commitment to open markets, to fight protectionism including unfair trade practises, etc., but also that G20 ‘recognise the role of legitimate trade defence instruments’. This latter phrase looks to have been at US insistence. EC President Jean Claude Juncker made clear at G20 that the EU would react ‘within a few days’ with counter measures should the U.S. shortly announce tariffs on steel imports. This is one potential ‘risk off’ factor in coming days or weeks and which would not do the AUD any favours were it to occur.