US fails to reassure Europe, Japan over 'Trumponomics'

Mnuchin US partners more comfortable with Trump on trade

Mnuchin US partners more comfortable with Trump on trade

"We will work to lift actual and potential growth, while ensuring that the fruits of economic growth are shared more widely", the statement said.

"People feel a level of comfort in understanding the Trump administration's policies, now that we have had the ability to interact a few times", Mnuchin told reporters Saturday after a two-day summit with G7 finance ministers and central bank chiefs.

"Our approach is for more balanced trade, and people have heard that", Mnuchin told reporters at the end of the two-day meeting.

Steven Mnuchin's third encounter with the worldwide community, at a meeting of finance chiefs in Italy, deepened ties even as his government's "America First" policy continues to challenge the global economic consensus. 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".

U.S. Treasury Secretary Steven Mnuchin said on Saturday that United States reserves the right to be protectionist on trade, but noted that his worldwide counterparts are growing more comfortable with the Trump administration's economic agenda. In the bilateral talks, Padoan assured his USA counterpart the stock of non-performing loans (NPLs) burdening Italy's banking system would return to more 'physiological levels in short time, Ansa news agency quoted sources from te Italian G7 presidency as saying.

As growing protectionism is feared under the administration of US President Donald Trump, the statement skipped any explicit wording on protectionism, as did a statement issued by Group of 20 finance chiefs in March. "We are working to strengthen the contribution of trade to our economies", the G7 communique read. He also said the administration had held "preliminary but productive discussions" with the Canadian and Mexican governments on Nafta.

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"All the six others. said explicitly, and some very directly, to the representatives of the US administration that it is absolutely necessary to continue with the same spirit of worldwide cooperation", said French Finance Minister Michel Sapin.

"We need a strong United States, the United States needs the global economy and global economics on a sustainable way where the United States is still the most important political and economic partner and the best alliance for Europe", Wolfgang Schaeuble, the German Finance Minister, said.

He said the administration was focused on growth, "and growth in the United States is good for the world economy".

The gathering in a 13th-Century seaside fortress in the southern Italian town of Bari is paving the way for a meeting of national leaders in Taormina, Sicily May 26-27.

The US refused to abandon its protectionist stance as the G7 - composed of the US, Japan, Germany, Britain, France, Italy and Canada - continued to wrangle over a common trade policy.

"I think that there was no disagreement over the fact that trade promotes growth and has to be inclusive", Italian Finance Minister Pier Carlo Padoan said on Bloomberg Television.

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