US Treasury chief: trade partners like Trump policies

Adjust Comment Print

It asked global organisations, government agencies and the private sector to share cyber security information more effectively and told its Cyber Expert Group (CEG) to draw up a set of recommendations by October this year.Mnuchin told reporters that he did not think Friday's attack showed the financial system was unprepared but he said more could still be done at the company level.Companies that "patch their networks" would have been able to fend off the attack, he said. 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".

Officials from the Group of Seven are also taking the opportunity to hear more about the Trump administration's economic proposals from U.S. Treasury Secretary Steven Mnuchin.

International Monetary Fund managing director Christine Lagarde arrives for the opening session of the G7 of Finance ministers in Bari, southern Italy, Friday, May 12, 2017.

Finance ministers and central bank governors from the Group of Seven (G7) countries on Saturday pledged to use all available means to boost economic recovery and make global growth more inclusive.

Aso did not clarify whether he was concerned about US policies.

They also say the USA demand to balance trade bilaterally was not economically sound, because trade deficits and surpluses could only be analyzed in a global context. "We are working to strengthen the contribution of trade to our economies", the statement read, stopping short of making a call for free trade or against protectionism.

Trump has proposed slashing the USA corporate income tax rate and offer multinational businesses a steep tax break on overseas profits brought back home.

Trump Says Wants To Move Quickly To Nominate New FBI Director
Trump that he would always be honest with him, but that he was not "reliable" in the conventional political sense". The next day, Ms Sanders said the president asked Mr Rosenstein to put his concerns in writing.

"Many of us, including myself and Dr. Schaeuble (German Finance Minister), told Mr. Mnuchin that it is unthinkable that in the weeks and months to come, we can allow the established framework to be debated", Michel Sapin, Finance Minister of France, said.

On a day when governments around the world were dealing with a massive ransomware attack, the statements also said, "We recognise that cyber incidents represent a growing threat for our economies and that appropriate economy-wide policy responses are needed. We're going to try to get this done as quickly as we can".

They also called for a renewed common effort against cybercrime. The European Union also attends the informal forum.

G7 finance ministers turned their focus on Saturday to combating cyber crime in what Italy's Pier Carlo Padoan described as an "unfortunately very timely" discussion.

The heads of state and government are expected to gather for a G7 major summit in the city of Taormina, Sicily, on May 26-27.

The agreements, presented in the form of a final statement, are not legally binding but they represent the leaders' political commitment to follow through.

Comments