Mnuchin getting questions on tax reform at G7 meeting

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 worldwide councils and in the Brexit negotiations.

The economy minister and central bank governor of Italy, which holds the G7 presidency, both replied negatively when asked at the end of a G7 meeting in Bari whether the group had any suspicions on the culprits of the attack. The G7 countries are Canada, France, Germany, Japan, Italy, the United States and the United Kingdom; the European Union also attends the informal forum.

Hammond said that he was at the meeting to "ensure a fair deal for Britain out of global trade to work together with our partners here to protect British citizens from external security threats", as well as ensuring that global companies pay their fair share of taxes in Britain. "'All the six others. said explicitly, and sometimes very directly, to the representatives of the USA administration that it is absolutely necessary to continue with the same spirit of global cooperation, ' French Finance Minister Michel Sapin told reporters".

The ministers, who also discussed inequality, and transnational tax evasion during their two-day review of the world economy, were due to wrap up their talks at lunchtime.

G7 finance ministers and representatives of central banks met in Bari, Italy, on Friday and Saturday.

Kristian Rouz - A Group of Seven (G7) meeting revealed the deepening divide between the attitudes of the increasingly protectionist USA 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.

BARI, Italy May 13 Japanese Finance Minister Taro Aso said on Saturday that he was gradually seeing the course of USA economic policies after a two-day gathering of Group of Seven financial leaders in the southern Italy.

International Monetary Fund managing director Christine Lagarde arrives for the opening session of the G7 of Finance ministers in Bari southern Italy Friday

The U.S. president has already pulled out of the Trans Pacific Partnership (TPP) and wants to re-negotiate the North American Free Trade Agreement (NAFTA).

Group of Seven finance chiefs signed up to a pared-down pledge on global trade as the presence of Donald Trump's administration of the world stage continued to redefine the established economic order.

The G20's reference to trade said only that they were "working to strengthen the contribution of trade to our economies".

Finance ministers and central bank governors from the world's seven biggest economic powers have kept their watered-down promise to promote free trade, as the new U.S. administration's reluctance to commit to a full-throated defence against protectionism remained firm.

Mnuchin, who skipped the opening session in Bari where academics spoke on inequality and growth and arrived long after other ministers, told reporters he was "excited" about the emerging new US trade policy.

A Group of Seven communique issued on Saturday said officials were "working to strengthen the contribution of trade to our economies" - a weaker pledge than the statement from the Group of 20 leaders previous year to avoid protectionism in all its forms. "The U.S. administration is quite new and the cooperation is improving", Schaeuble said.

  • Leroy Wright