At G7, world finance chiefs are trying to gauge Trump's plans
- Author: Zachary Reyes May 20, 2017,
May 20, 2017, 3:07
British Finance Minister Philip Hammond attended the G7 meeting in Bari, Italy yesterdau and emphasised the need for the United Kingdom to have a strong voice in global councils and in the Brexit negotiations.
"We reaffirm our existing G7 exchange rate commitments to market-determined exchange rates and to consult closely in regard to actions in foreign exchange markets", the draft said.
Finance ministers and central bank governors from the United States, Canada, Japan, France, Germany, Italy and Britain are meeting in the Italian city of Bari to discuss the world economy, combating terrorist funding, cyber security and taxes.
Mnuchin said a trade deal announced Friday with China showed the success of the Trump administration's trade approach.
A slew of recent announcements-including an investigation into steel imports and a warning the US may pull out of a trade agreement with Canada and Mexico-have renewed fears the Trump administration could spark a trade war that could hit the global economy just as it appears to be gaining momentum.
This meeting helps lay the foundation for the G7 meeting of global leaders that will take place later this month in which President Trump will attend.
Italian finance minister Pier Carlo Padoan told reporters that the discussions on cybersceurity, which had in fact been scheduled before Friday's attacks, turned out to be "unfortunately very timely".
Mnuchin briefed Aso on planned USA tax measures, including a drastic corporate tax cut, announced last month by the administration of President Donald Trump.
Kristian Rouz - A Group of Seven (G7) meeting revealed the deepening divide between the attitudes of the increasingly protectionist United States and the rest of the world's largest economies, which are attempting to uphold the free trade approach to the global exchange in goods and services.
They also vowed to cooperate more against cyber crime, finance the global anti-terror fight, and promote a fair tax system including digital economy. -Canada trade relationship is to both economies.
Mnuchin said earlier Saturday that he had productive meetings with his counterparts at Bari on the need to protect the financial IT infrastructure.
"We recognise that the global economy is facing a prolonged period of modest growth, and high and rising inequalities, notably within many countries and affecting in particular middle- and low-income earners", the communique said.
Their meeting paves the way for a gathering of national leaders, including US President Donald Trump, in Sicily on May 26-26.
"We want to have balanced trade", Mr Mnuchin said. Italy's bad loans, a pressing issue encompassing the country's stability within the euro-zone, amounted to about 170 billion euros (184.7 billion US dollars) net, senior deputy governor of Bank of #Italy Salvatore Rossi said in April.