Finance

Finance leaders downplay differences with Trump over trade

Finance leaders downplay differences with Trump over trade

"There was a broad consensus [that] protectionism would be damaging to the global economy and the concerned economies as well", he said.

From left, German Federal Minister of Finance Wolfgang.

Managing Director Christine Lagarde pauses as she speaks during the 2017 World Bank Group Spring Meetings in Washington, Thursday, April 20, 2017.

Treasury Secretary Steven Mnuchin, right, shake hands with Finance Minister of India Arun Jaitley before a bilateral meeting during the World Bank/IMF Spring Meetings in Washington, Saturday, April 22, 2017.

But officials are warning that too many people have been left behind at a time when low-wage competition and automation have reduced factory jobs in the world's wealthy economies.

21 de abril de 2017, 00:37Washington, Apr 21 (Prensa Latina) World Bank (WB) President Jim Yong Kim said: "if we turn our backs on science and ignore climate change, we would lose all our credibility, " prior to his meeting with the International Monetary Fund.

In its communique issued Saturday in Washington, the International Monetary Fund urges nations to avoid "inward-looking policies".

The Trump administration had previously threatened to impose measures to restrict imports, and verbally attacked Germany for running a large surplus by exploiting a weak euro.

International Monetary Fund managing director Christine Lagarde held what she described as "constructive discussions" with Greek Finance Minister Euclid Tsakalotos, but her statement gave no indication that the parties were close to a new agreement. That inclusiveness needs to be identified and supported by policies on three dimensions: "within countries, across countries, and between generations", she said. "That is free, that is open, and that is fair". Steven Mnuchin, attending his first worldwide gathering as Trump's Treasury secretary, had defended the change in the G-20 communique at the German meeting by saying, "The historical language was not really relevant".

The IMF in particular has sounded warnings against Trump's plans to shrink USA trade deficits with potential measures to restrict imports, arguing in its latest economic forecasts that protectionist policies would crimp global growth that is starting to gain traction. That echo of US President Donald Trump's campaign promises means helping the majority white male community as well as the inner cities, by bring economic activity, he said.

Schaeuble stressed widespread agreement on the benefits of free trade. He said that the administration's goal was to make trade more fair and was not aimed at erecting protectionist barriers.

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"Second, and really importantly, we need to reinvigorate productivity, especially by boosting innovation and trade, both which fuel productivity, as is very clearly demonstrated by the recent research paper that we published", she said.

"These meetings will all be about Trump and the implications of his policies for the worldwide agenda", said Domenico Lombardi, a former IMF board official who is now with the Centre for global Governance Innovation, a Canadian think-tank.

But he said the United States expected to be treated as it treats others. His action could lead to higher tariffs on steel imports.

During the meeting, G20 officials generally agreed with the IMF's assessment in its latest economic outlook - that global growth should pick up this year, helped by improving conditions in the USA and China, the world's two biggest economies.

Commenting on China's 6.9 percent GDP growth for the 1st quarter of 2017, Lagarde says Beijing's economic stimulus has worked, but she warned against the country's rapid credit expansion and the threat of a real estate bubble.

However, there are risks to the sunny outlook.

The world economy has struggled to regain millions of jobs lost after a devastating financial crisis hit in 2008 and the finance leaders acknowledged the adverse effects the deep-downturn, playing a major role in the rising pressures against free trade and immigration.

The world's major economies are united in their belief that free trade delivers healthy economic growth.

The advice may simply be ignored, especially after U.S. Treasury Secretary Steven Mnuchin last month insisted that an anti-protectionism pledge be dropped from a Group of 20 communique issued in Baden-Baden, Germany, said Eswar Prasad, former head of the IMF´s China department.

Stay on topic - This helps keep the thread focused on the discussion at hand.

"If you look at the tax code".


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