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On the 12th to 13th of this month, the G7 finance ministers and central bank governors began a two-day meeting in Bari, Italy, to discuss issues such as the global economy, combating terrorist financing, and cybersecurity.

US President Trump has threatened to break the consensus of the G7 on protectionism. In this regard, the financial leaders of the member states put pressure on the United States during the summit. US Treasury Secretary Steven Mnuchin said the United States does not want to be a trade protectionist, but reserves the right to trade protection.

After the meeting, the G-7 issued a communiqué, and the main points include the following:

1. Monetary policy should continue to support economic growth and ensure price stability.

2. Financial policies should be used flexibly to promote employment and economic growth while ensuring debt sustainability.

3. The exchange rate is determined by the market and will be closely negotiated on foreign exchange market actions. Fiscal and monetary instruments will be used to achieve domestic goals rather than gaining exchange rate competitive advantage.

4. Committed to strengthening the contribution of trade to the economy.

4. Strengthen cooperation in the field of cyber security and combat cybercrime. The G7 financial leaders authorized their network of expert teams to develop a high-level, non-binding basic element by October of this year to effectively assess cybersecurity.

5. Strengthen cooperation to combat terrorist financing and strengthen information sharing. More sanctions will be imposed on terrorists and their supporters.

Member states put pressure on the United States

US President Trump has said that he is suspicious of the free trade agreement and has threatened to break the consensus of the G7 on protectionism and climate change. In response, the G7 financial leaders put pressure on the United States during the summit to prevent them from damaging the global consensus reached in the areas of trade and financial regulations for decades.

German Finance Minister Wolfgang Schaeuble said: "We need a strong United States to sustainably lead the global economy and politics." French Finance Minister Michel Sapin pointed out that he hopes that the United States will not weaken the international policies that it has worked hard over the years to help the global economy. Recovery in the financial crisis. It is in our own interest for the United States to return to international cooperation.

European Union Finance Executive Pierre Moscovici also hopes that Trump will not give up free trade and multilateral trade. He said: "We can discuss, we can have different understandings, but we are in a world, on a boat."

US Treasury Secretary Mnuchin: The United States wants a fair and balanced trade

US Finance Minister Mnuchin attended the meeting of the seven finance ministers for the first time. He pointed out that the economic issue of the G7 meeting focused on the United States' efforts to maintain growth. He told the leaders of the G7 member states that the United States hopes to conduct fair and balanced trade. Countries are increasingly reassured by the Trump administration’s economic agenda. The United States does not want to be a trade protectionist, but if it does not reach a free and fair trade agreement, the United States reserves the right to trade protection.

Specifically, the United States has had preliminary and fruitful discussions with Canada and Mexico on the North American Free Trade Agreement. I hope Canada and Mexico can solve the problems in the North American Free Trade Agreement.

Mnuchin mentioned that in the area of tax reform, he will work closely with the House of Representatives and the Senate to pass the tax reform program as soon as possible. G7 expressed support for the US shift to the territorial tax system. The United States is making appropriate reforms to financial regulation, and the G7 is comfortable with the way the United States reforms. The United States focuses on tax cuts for the middle class and makes companies competitive.

He also said that the G7 has had a fruitful discussion on network security and financial infrastructure protection. Agree to put cybersecurity on the G7 agenda, saying that the theme "is a big focus for me."

Source: Wall Street