Trade partners like Trump policies: Mnuchin

Trade partners like Trump policies: Mnuchin
US Secretary of Treasury Steven Mnuchin arrives for a G-7 summit of finance ministers on Friday in Bari. (AFP)
Updated 14 May 2017

Trade partners like Trump policies: Mnuchin

Trade partners like Trump policies: Mnuchin

BARI, Italy: US Treasury Secretary Steven Mnuchin said major trading partners “are much more comfortable” with the Trump administration’s trade policies and understand US growth will benefit them.
Mnuchin spoke after face-to-face meetings with major trade partners such as Germany, Japan and Canada at the Group of Seven (G-7) finance ministers’ meeting in Bari, Italy.
Mnuchin said his meetings with finance leaders had led to a better understanding of the US president’s position that trade must be fair and balanced as well as open. He said they understand that “we do not want to be protectionist, but we reserve our right to be protectionist to the extent we believe trade is not free and fair.”
The G-7 countries are: Canada, France, Italy, Germany, Japan, the US and the UK; the EU also attends the informal meetings.
Earlier, the finance officials warned that long-term growth could remain subdued and that steps need to be taken to make the global economy work for everyone.
They also called for a renewed common effort against cybercrime, a timely message in the wake of Friday’s ransomware attacks in dozens of countries.
The finance meeting paves the way for a meeting of national leaders in Sicily May 26. Italy, the host country for the informal forum this year, wanted the meeting to produce separate statements about fairer growth and fighting tax evasion.
Italian Finance Minister Pier Carlo Padoan said that Saturday’s morning session on cybercrime was “unfortunately very timely,” an apparent reference to the wave of ransomware attacks reported Friday in dozens of countries in which files were locked and money demanded to unlock them.
The group’s agreements, presented in the form of a final statement, are not legally binding; instead, they represent the leaders’ political commitment to follow through.