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19 May 2017, 11:23 | Austin Hogan
G7: Italian hosts want to focus on inequality and social inclusion, avoiding trade talks
Attention also focused on Trump's plans to cut US corporate taxes. "'All the six others. said explicitly, and sometimes very directly, to the representatives of the USA administration that it is absolutely necessary to continue with the same spirit of global cooperation, ' French Finance Minister Michel Sapin told reporters".
"People feel much more comfortable today now that they've had the opportunity to spend time with me and listen to the president and hear our economic message on what the Trump economic agenda is, and that's about creating growth in the USA", said Mr. Mnuchin. Under the administration of Donald Trump, the U.S. are feeling disadvantaged in global trade, not least due to other major currencies being undervalued compared to the dollar and unfavourable trade deals that the USA had signed up to in the past 25 years.
The Italian G7 presidency has listed security as a "global public good" - including issues related to anti-terrorism financing, remittances and cyber security - and one of its four finance priorities.
The United States has been told by all the other Group of Seven economies that it must not turn its back on worldwide cooperation on global economic policy, French Finance Minister Michel Sapin said on Saturday, DNA reported.
"I want to draw your attention to growth and social inclusion", said Italian Finance Minister Pier Carlo Padoan, who was hosting the Group of Seven (G7) Ministerial Meeting on Finance in Bari, Italy, on May 11-13.
The U.S.'s deal to boost exports of gas and beef to China - agreed on Friday - also gives an indication on how the world's biggest economy may progress going forward, German Finance Minister Wolfgang Schaeuble told reporters.
Separately, the group, which includes the USA, also reiterated its commitment to global trade. But he offered little detail.
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"We recognise that the global economy is facing a prolonged period of modest growth, and high and rising inequalities, notably within many countries and affecting in particular middle- and low-income earners", the communique said.
"All the six others. said explicitly, and sometimes very directly, to the representatives of the U.S. administration that it is absolutely necessary to continue with the same spirit of global cooperation", Sapin told reporters at the end of the G7 meeting in southern Italy.
They also called for a renewed common effort against cybercrime.
It was a key prelude to a major G7 summit scheduled in the city of Taormina, Sicily, on May 26-27.
Besides ministers and governors from the Group of Seven - comprising Canada, the U.S., France, Germany, Italy, Britain, and Japan, top officials from the European Union (EU) and the International Monetary Fund (IMF) also joined the meeting.
Still, a final agreement issued by G7 ministers on Saturday said officials were "working to strengthen the contribution of trade to our economies" - a far weaker pledge than last year's statement from the Group of 20 leaders to disavow any signs of protectionism.
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