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Japan Aso says gradually seeing the course of US policies

20 Mai 2017

The Associated Press reports, "Mnuchin says major trading partners "are much more comfortable" with the Trump administration's stance on trade and tax policy and understand that they will benefit from the intended USA growth".

Trade issues are likely to be taken up at a G-7 leaders' summit on May 26 to 27 in Taormina, Sicily, that Trump will attend.

Many G-7 countries had been particularly concerned about the USA rolling out a border tax that could choke exports to the country.

U.S. Treasury Secretary Steven Mnuchin was due to explain Trump's plans to cut business taxes and regulation, as well as the president's push for what he considers more balanced trading relationships.

Greece's creditors, including the European Central Bank and the International Monetary Fund, will be in Bari.

Finance ministers and central bank governors from the United States, Canada, Japan, France, Germany, Italy and Britain are meeting in the Italian city of Bari to discuss the world economy, combating terrorist funding, cyber security and taxes.

This story has not been edited by Firstpost staff and is generated by auto-feed.

Italian finance minister Pier Carlo Padoan told reporters that the discussions on cybersceurity, which had in fact been scheduled before Friday's attacks, turned out to be "unfortunately very timely".

More cyberattacks expected in wake of WannaCry
It is estimated 60 per cent of small outfits and over 85 per cent individuals use pirated software in India. WannaCry exploits a vulnerability in older versions of Windows, including Windows 7 and Windows XP.

G7 members have said they want a better sense of the plans of US President Donald Trump, who has threatened to upset the worldwide consensus of recent decades on issues such as trade and rules for the financial services industry.

Underscoring the cybersecurity threats, G-7 officials pointed to a massive attack that scrambled computer systems in dozens of countries on Friday.

In the final communique, the ministers and governors only mentioned that they were "working to strengthen the contribution of trade to our economies".

Mnuchin's presence was overshadowed by a political firestorm in Washington after Trump fired Federal Bureau of Investigation chief James Comey, whose agency was investigating links between the president's 2016 election campaign and the Russian government.

The view was endorsed by Mnuchin, according to the Japanese minister.

But despite fear of restrictive trade practices under the administration of U.S. President Donald Trump, the G-7 statement, issued after a meeting in southern Italy, skipped any explicit wording on protectionism, as did the finance chief's statement of the Group of 20 economies at their gathering in March.

"We reiterate that excess volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability", the communique said.

A Group of Seven communique issued on Saturday said officials were "working to strengthen the contribution of trade to our economies" - a weaker pledge than the statement from the Group of 20 leaders a year ago to avoid protectionism in all its forms.