G20 probably won't include any mention of trade in communique

Mar 21, 2017, 00:27
G20 probably won't include any mention of trade in communique

Citing President Donald Trump's commitment to American companies and workers, Mnuchin pushed back on and effectively omitted a ban on protectionism from the joint statement released at the end of the summit.

There is still hope among advocates of free-trade that moderate voices in the Trump administration will gain influence.

He has already pulled the USA out of a proposed free trade deal with Japan and other Pacific Rim countries and is trying to renegotiate the North American Free Trade Agreement with Mexico and Canada.

"What was included in the past communiques was not necessarily relevant from my standpoint", Mnuchin said following the meeting.

One day earlier, Trump, standing beside German Chancellor Angela Merkel at the White House, complained about global trade agreements and said that the USA has gotten the short end of the stick in the past. He said that the statement needed to reflect the discussion at the current summit.

U.S. Treasury Secretary Steven Mnuchin, taking part in his first worldwide meeting since being sworn in, sought to downplay the wording issue.

In Southeast Asia, oilfield services firm Ezra Holdings of Singapore filed for U.S. Chapter 11 bankruptcy on Saturday. "Consensus was reached on addressing and reducing excessive global imbalances while promoting greater inclusiveness and reducing inequality in pursuit of economic growth", Treasury highlighted.

Clear support emerged last week from Group of 20 (G20) members' Finance Ministers and central bank governors for the broadening of worldwide economic and financial cooperation with African countries to "foster sustainable and inclusive growth" in line with the African Union's Agenda 2063.

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The Government is hoping to expand GDP by about 6.5 per cent this year - a slowdown from 6.7 per cent growth last year. The impact would be felt mostly by foreign, especially USA , companies, he said, citing a report from an.

The most immediate problem for the rest of the G20 is that they head into the summit of leaders, in Hamburg in July, with tremendous uncertainty over whether they can bring the USA into the fold.

He said the U.S., which since Trump took office has withdrawn from the Trans-Pacific Partnership (TPP) and called for the North American Free Trade Agreement (Nafta) to be renegotiated, was looking to enter into trade deals that are a "win-win" situation for the parties involved.

Mnuchin agreed to numerous meetings as he said he wanted to develop more relationships with his foreign counterparts.

While delegates greeted Mnuchin and said that he had been engaged in the process, they said he didn't elaborate on how the US considers itself to be treated unfairly.

G-20 financial leaders broke with longstanding tradition over the weekend by failing to renew a commitment to resist all forms of protectionism.

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Information for this article was contributed by David McHugh, Christopher Bodeen and Frank Jordans of The Associated Press; by Damian Paletta of The Washington Post; and by Rainer Buergin, Jeff Black, Josh Wingrove, Alessandro Speciale, Catherine Bosley, Saleha Mohsin, Weixin Zha, Josh Wingrove, Svenja O'Donnell, Raymond Colitt, Toru Fujioka, Olga Tanas and Richard Bravo of Bloomberg News.