Global finance officials argue benefits of free trade
WASHINGTON — The world’s major economies are united in their belief that free trade delivers healthy economic growth.
But they also agree that more needs to be done for those left behind, and the new Trump administration is letting it be known that it intends to make sure that America’s trade deals are fair for U.S. workers.
German Finance Minister Wolfgang Schaeuble said Friday that if more isn’t done, “we will see more protectionism and countries retreating from globalization.”
Schaeuble spoke with reporters Friday at the conclusion of two days of talks among finance ministers and central bank presidents from the Group of 20 major world economies. Germany is chairing the G-20 this year.
The G-20 discussions were being held in conjunction with meetings of the 189-nation International Monetary Fund and its sister lending organization, the World Bank.
In comments prepared for the IMF meeting, Treasury Secretary Steven Mnuchin said the United States wanted to see the IMF “more robustly fulfill its surveillance mandate,” which includes monitoring the currency policies of IMF member nations to make sure they do not manipulate their currencies to gain trade advantages.
On Wall Street Friday, stocks slumped as financial and health care companies moved lower. Industrial companies rose as stocks continued the upand-down pattern they’ve been stuck in for the last month.