The tradition of expressing commitment to free trade and climate change mitigation in communiqués after summits of the Group of Twenty "is not necessarily relevant", said Steve Mnuchin (pictured), United States secretary of the Treasury. The two-day meeting of ministers of finance and central bankers from the most advanced and the biggest emerging economies ended on Saturday in Baden-Baden with only a slight joint reference to open exchange of goods and services. The pledge to fight isolationism was left out.
Mnuchin reiterated the government in Washington wants free but fair trade and stressed "certain agreements" will need to be reexamined. "We are working to strengthen the contribution of trade to our economies. We will strive to reduce excessive global imbalances, promote greater inclusiveness and fairness and reduce inequality in our pursuit of economic growth," participants said as the G20 event in Germany was wrapping up.
"We have reached an impasse," stated Wolfgang Schaeuble, the host country's federal minister of finance. Correspondents of major media outlets revealed Japan signaled more understanding for the stance of US representatives. Global economic expansion is gaining momentum and it may have reached a turning point, but "wrong" policies can reverse the trend, Christine Lagarde, managing director of the International Monetary Fund, said in an issued statement after the summit.
[ 3/19/19 ] 02.03.00
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