Treasury Sec. Mnuchin eyeing trip to China for trade talks

Treasury Sec. Mnuchin eyeing trip to China for trade talks

Treasury Sec. Mnuchin eyeing trip to China for trade talks

Mnuchin insisted Thursday that the administration's imposition of tariffs on steel and aluminum imports and its consideration of penalty tariffs on up to $150 billion of Chinese imports were part of a strategy to level the playing field on trade and reduce America's huge trade deficits with China and other nations.

"We strongly reject moves toward protectionism and away from the rules-based global trade order", said Már Guðmundsson, governor of the Central Bank of Iceland. -China trade war. And the Federal Reserve is steadily ratcheting up USA interest rates from the record low levels where it kept them for most of the decade since the 2008 financial crisis.

This might no longer be the case in the wake of a sweeping macroeconomic overhaul in the United States, as the International Monetary Fund has generally maintained its commitment to what it sees as free and unrestricted trade. "Unilateral trade restrictions will only inflict harm on the global economy".

Such trade policies "impede stronger USA and global growth, acting as a persistent drag on the global economy", Mnuchin said as the lending agencies were poised Saturday to wrap up their spring meetings, where the administration's "America First" approach has put it at odds with other countries.

"We agree that the IMF will need to consider the effects of technology and digitalisation in its macroeconomic analysis, including on inequality, productivity, labor and financial markets, fiscal policy, monetary policy, and measurement of the digital economy", it said.

Despite the intense focus on the US-China dispute, the Group of 20 finance ministers, from the world's major economies, avoided discussion of the issue Friday, even while acknowledging the potential danger it posed to the global economy. While many International Monetary Fund member countries would object to such a broadening of the IMF's powers, the final communique did state, "We will work together to reduce excessive global imbalances in a way that supports global growth".

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"We must redefine worldwide trade with China, not against China". "So there is room to do more on trade reform", he said.

The WTO projects global merchandise trade will expand by 4.4 percent this year, after increasing by 4.7 percent in 2017.

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"We have to keep this group working together", said Nicolas Dujovne, the treasury minister of Argentina.

When asked whether he believed the USA and China could put an end to the rising tensions between them, Mnuchin said the U.S.is "cautiously optimistic".

A surge in investment and trade has brought stronger, broader-based growth in the short term, said the International Monetary and Financial Committee, a ministerial-level panel of 24 countries that gives key advice to the IMF's Board of Governors, in its final communique. "China welcomes this", the ministry said in a statement on its website.

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