Finance

Treasury's Mnuchin says Trump doesn't want trade wars

Treasury's Mnuchin says Trump doesn't want trade wars”

The gathering of finance ministers and central bank heads from the Group of 20 countries has focused on shifting attitudes toward trade, particularly after U.S. President Donald Trump vowed to impose border taxes and rewrite free trade deals he says have shortchanged the U.S.

The meeting of the G20 finance chiefs represented the White House's first chance to spell out to the global financial leaders details of its fiscal and trade plans, with new Treasury secretary Steven Mnuchin making his debut at a major world economic forum.

In a visit to Berlin ahead of the G-20 meeting, Mnuchin said the U.S.is interested in trade that is not only free but fair. "It is not our desire to get into trade wars, it is our desire to deal with where there is imbalance in certain trade relations".

More news: Jared Kushner's China Deal Nets Trump's Son-In-Law $400 Million

"They should listen to the president first and listen to me as well", Mnuchin said when asked who is the US spokesman on the dollar.

The challenge for Mnuchin will be to square the Trump administration's threats of tariffs for trade cheaters and inward-looking economic policies with the cooperative spirit the G20 has operated under for years.

Attention at the two-day meeting in the German spa town of Baden-Baden has centered on a joint statement that is being prepared for Saturday.

More news: Federal court rules 3 GOP congressional districts discriminate against Hispanics

Given that Trump's "America First" agenda, trade issues could be set aside for G20 leaders to tackle at a summit in July, Schaeuble said.

The US Treasury chief declined to comment specifically on the euro's current value, but in a shift away from criticism by White House National Trade Council Director Peter Navarro that Germany has benefited unfairly from the euro's weakness, Mnuchin acknowledged that the euro is used by many countries and is affected by many factors. Even as Trump has vowed to end multi-national trade deals, it is a figure that could grow with the strong US dollar, boosting USA manufacturing costs and making it more hard to sell US products overseas. Ahead of the meeting, Germany, which holds the G20 presidency, and the International Monetary Fund (IMF) have warned that U.S. protectionist talk risks derailing the global economy.

"It was a good start", Schaeuble said of the meeting, adding that it was a positive sign for global cooperation and the G20 process.

More news: Time, TV schedule and how to watch Europa League online

But European Central Bank President Mario Draghi said last week that it is the USA dollar that is overvalued, rather than that the euro is undervalued.



Like this

Latest


18 March 2017
2700 civilians killed in Yemen, 20000 displaced - Alliance Yemeni
In January, a senior United Nations official said it is estimated that the death toll in the conflict has surpassed 10,000 people. Women and children were among those killed when the vessel was attacked near the Bab al-Mandeb strait, the port officials said .

17 March 2017
Tesla Model Y render leaked, could debut in 2019
Elon Musk, the CEO, and founder of Tesla will be involving in the offering by purchasing $25 million of the common stock offered. The beta prototype of the Tesla Model 3 is therefore being manufactured and road tests Will start in the coming weeks.

17 March 2017
Scotland seeks new independence vote before Brexit
Sturgeon's decision comes after Brexit, a close UK-wide referendum in which citizens voted to leave the European Union . However, May has not explicitly revealed so far whether she would block a second Scottish independence referendum.

16 March 2017
Father of child who interrupted BBC interview: "it's a comedy of errors"
Kelly said the family has watched the video and consider it "pretty hysterical. catching a regular family off-guard". A few days back a BBC reporter took the internet by storm when his little children video bombed the live interview .

15 March 2017
Emirates airline US-bound flights hit by storm Stella
USA Today reports almost all flights were canceled late Monday night at the three big airports serving New York City: John F. Parts of eight states are under a National Weather Service blizzard warning into Tuesday evening, says a NBC News report .

14 March 2017
Duke betting favorite to win NCAA Tournament
Duke , though, added three great wins, wins better than most tournament teams have cumulatively over the course of three months. Skinny: The committee didn't do Villanova any favors with this draw, even after giving the Wildcats the top overall seed.

14 March 2017
Trump meeting with Chinese President Xi expected next month, official says
The then-U.S. president-elect also publicly toyed with the idea that Washington was not bound by the "One China" policy. Xi is set to visit the United States for a summit possibly aimed at reduction of tensions between the two countries.

13 March 2017
This Is How Twitterati Reacted To BJP's Magnanimous Victory In UP
His failure to strike a chord with the voters have seen the Congress decimated once again in the heartland state of Uttar Pradesh. Now the party supporters along with the activists pointed out Akhilesh Yadav for the defeat.

11 March 2017
Helicopter Carrying Russian, Turkish Business Executives Crashes in Istanbul
All the seven passengers aboard a helicopter that crashed near Istanbul died, Istanbul Mayor Kadir Topbas said on Friday. The Turkish national who was killed headed the company's operations in Russian Federation , he said.

10 March 2017
Google has confirmed its Kaggle acquisition
As part of the partnership, SAP will retain the control and be the custodian of all the data stored in the HANA database on the Google Cloud Platform .



Recommended