US Treasury chief to brief key allies on Trump policies

Postado Mai 22, 2017

The Group of 7 is also having the opportunity to hear more about the Trump administration's economic proposals from U.S. Treasury Secretary Steven Mnuchin. A statement at the southern port of Bari mirrored watered-down trade language from the Group of 20 two months ago, but ministers afterwards suggested an increasingly pragmatic tone to the talks after a stilted start.

"Inclusive growth means first of all that growth has to be shared with all segment and regions of society", Finance Minister Pier Carlo Padoan said Friday.

The ministers were expected to commit to stepping up worldwide cooperation on the issue after a global onslaught that hit computer systems in almost 100 countries on Friday.

G7 members have said they want a better sense of the plans of US President Donald Trump, who has threatened to upset the global consensus of recent decades on issues such as trade and rules for the financial services industry.

"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.

The deal would allow US companies to ship liquefied natural gas to China and tackles a range of long-standing barriers, ending a ban on imports of USA beef and moving a step closer to allowing Chinese poultry on American supermarket shelves.

Trump has vowed to revamp the US tax code with major cuts for businesses and ease business regulatory burdens. -Canada trade relationship is to both economies.

"We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability", the communique said.

Japanese Finance Minister Taro Aso leaves at the end of a plenary session during a G7 of Finance Ministers and Central Bank Governors meeting, in Bari, southern Italy, Friday, May 12, 2017.

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.

While trade was not specifically on the agenda, its presence loomed large as U.S. Treasury Secretary Steven Mnuchin came under pressure to engage on the matter.

Mnuchin's presence was overshadowed by a political firestorm in Washington after Trump fired Federal Bureau of Investigation chief James Comey, whose agency was investigating links between the president's 2016 election campaign and the Russian government.

But members have successfully persuaded the USA to maintain a commitment to free trade.

The G-7 is composed of Britain, Canada, France, Germany, Italy, Japan and the U.S. Visco also said no one at the G7 finance meeting signalled Italy as a source of possible tensions in view of the political elections due in the country in spring 2018.

Italy has also floated proposals to ensure web-based multinationals pay more tax in the countries where they generate profits, rather than being able to declare them in countries with the most beneficial tax regimes, as now happens.