Trump policies explained to G-7
Mnuchin: Leaders ‘more comfortable’ after Italy meeting
BARI, Italy — U.S. Treasury Secretary Steven Mnuchin says major trading partners “are much more comfortable” with the Trump administration’s trade policies and understand U.S. growth will benefit them.
Mnuchin spoke after face-to-face meetings with major trade partners such as Germany, Japan and Canada at the Group of Seven finance ministers’ meeting in Bari, Italy.
Mnuchin said his meetings with finance leaders led to better understanding of the U.S. president’s position that trade must be fair and balanced as well as open. He said they understand that “we don’t want to be protectionist, but we reserve our right to be protectionist to the extent we believe trade is not free and fair.”
The G-7 countries are Canada, France, Italy, Germany, Japan, the United States and the United Kingdom; the European Union also attends the informal meetings.
Earlier, the finance officials warned that longterm growth could remain subdued and that steps need to be taken to make the global economy work for everyone.
The finance meeting paves the way for a meeting of national leaders in Sicily May 26-27.
The group’s agreements, presented in the form of a final statement, aren’t legally binding; instead, they represent the leaders’ political commitment to follow through.