G-7 nations seek ways to make growth help more people

Michele Moreno
May 27, 2017

"People are much more comfortable today now that they've had the opportunity to spend time with me and listen to the president and listen to the economic message on what the economic agenda is, and that's about creating growth in the United States", Mnuchin told reporters after the meeting.

Canada says Finance Minister Bill Morneau rejected USA duties on softwood lumber as "baseless" in a meeting with Treasury Secretary Steven Mnuchin.

But Trump's threats to end a multilateral approach to policies from trade to climate change dominated discussions inside the walls of a 12th century Norman castle. A key part of the agenda for the meeting was dedicated to discussion on how to block terrorism funding.

The G7 countries are Canada, France, Germany, Japan, Italy, the United States, and the United Kingdom; the European Union also attends the informal forum.

Others topics for discussion have included strengthening cybersecurity, reaching an agreement on global tax rules, and countering terrorism financing.

Mnuchin met with several of his counterparts in one-on-one meetings on the sidelines of the summit.

The G-7 countries have called for taking steps to make the global economy work for everyone.

Finance chiefs from some of the world's richest nations began a two-day meeting in Italy on Friday, with Europe, Japan and Canada hoping to come away with a clearer picture of U.S. President Donald Trump's plans on important policies.

Shelving differing views on protectionism, the G-7 finance chiefs showed unity on the fight against inequality, which - together with populist anger at trade, globalization and manufacturing job losses - fueled Trump's ascent to the US presidency, played a role in Britain's decision to exit the European Union, and propelled an antiglobalizm candidate into the French presidential runoff vote earlier this month.

"We need a strong United States to lead the global economy and global politics in a sustainable way", said Schaeuble. He has ordered the Commerce Department to investigate whether steel imports pose a national security threat.

"These global cyberattacks highlight the real world consequences of technological vulnerabilities", a senior US Treasury Department officials told reporters on the return flight from the G7 gathering of financial chiefs in Bari, Italy.

"All the six others. said explicitly, and sometimes very directly, to the representatives of the U.S. administration that it is absolutely necessary to continue with the same spirit of worldwide cooperation", Sapin told reporters at the end of the G7 meeting in southern Italy.

While formal negotiations have yet to begin, Mnuchin expressed optimism that the countries would be able to fix the trade agreement in a way that would be a win for all three countries.

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 past year to avoid protectionism in all its forms.

Other reports by Insurance News

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