Mnuchin expresses optimism trade standoffs can be resolved

24 April, 2018, 03:11 | Author: Darnell Patrick
  • Trade disputes, debt burden threaten global growth: IMF

On Sunday, China's commerce ministry said it would welcome U.S. officials to discuss trade and economic issues.

"Our objective with China is to have free and fair and reciprocal trade", Mnuchin said in an interview with the Fox Business Network.

The statement reflects the Trump administration's view that the International Monetary Fund, through its country surveillance and policy advocacy efforts, can help rein in what are seen as China's trade abuses.

Le Maire repeated his criticism of the U.S. tariffs on steel and aluminum which were aimed at China but only spared the European Union and other key trading partners under a temporary exemption that is due to expire May 1.

"We have now adopted a framework for enhanced engagement on governance and corruption that aims for a more systematic, evenhanded, effective and candid engagement with member countries".

India's role in the development of the Indo-Pacific region will continue to expand because of its robust growth, the International Monetary Fund has said but underlined that there is room to increase its export orientation and to reduce further barriers.

-China trade war. "The world is so interconnected", she said.

President Donald Trump last month approved steep tariffs on tens of billions of dollars of Chinese imports, while Beijing has slapped duties on key U.S. agricultural exports and has threatened to do likewise for the sensitive American soybean industry.

The call was made by Union Finance Minister Arun Jaitley in his speech at the International Monetary and Financial Committee that was delivered in his absence on Saturday by Reserve Bank of India (RBI) Governor Urjit Patel.


Dujovne, whose country is chairing the G20 this year, met reporters on Friday to summarise talks held as a prelude to the IMF-World Bank meetings.

"It's definitely a job that we have been working, that we will continue working with, and now I am delighted he's supporting us" Lagarde said at a Facebook Live interview with CNBC at the IMF Spring Meetings in Washington.

Mnuchin indicated he's involved in a "dialogue" with the Chinese government to resolve the trade dispute.

While the timing of his visit to Beijing is unclear, and he did not provide details on the topics to be discussed, he said 'a trip is under consideration'. He said they also discussed China's planned further opening of some markets, a move that United States has encouraged and "appreciated".

"I did meet with the Chinese here".

The language in the International Monetary and Financial Committee (IMFC) statement represents a ratcheting-up of pessimism since the group's last semiannual meeting last October, and goes further in some respects than a Group of 20 statement issued in March, just as President Donald J. Trump ramped up trade threats against China.

"We will need to really maintain our hands on that pulse and make sure people know where the liabilities are", she said.

The statement quoted a ministry spokesperson saying China welcomes this development.

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