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U.S. proposals to drop trade barriers taken seriously by allies: Mnuchin

Published 07/22/2018, 05:02 PM
Updated 07/22/2018, 05:10 PM
© Reuters. U.S. Secretary of the Treasury Mnuchin speaks during a news conference at the G20 Meeting of Finance Ministers in Buenos Aires

BUENOS AIRES (Reuters) - U.S. Treasury Secretary Steven Mnuchin said on Sunday that G7 industrial powers were taking seriously his call for them to drop tariffs, non-tariff trade barriers and subsidies and added the Trump administration would press these issues in upcoming talks with the European Union's top executive.

Mnuchin said at the close of a G20 finance leaders meeting that President Donald Trump's trade stance was not about protectionism but wanting free and fair trade for the United States.

© Reuters. U.S. Secretary of the Treasury Mnuchin speaks during a news conference at the G20 Meeting of Finance Ministers in Buenos Aires

"We very much support the idea that trade is important to the global economy, but it's got to be on fair and reciprocal terms," Mnuchin told a news conference.

Latest comments

Trump wants to encourage the U.S. economy to grow and believes that imposing tariffs on CAD and EU will in turn encourage them to be more self sufficient. The U.S. will have to start their own production for commodoties etc. instead of relying on other countries.
The false premise that the US is a victim, and offers free and unfettered access to its market, is lunacy. Picking and choosing data, does not define the entirety of the data! The US does protect its market, in keeping with the rest of the DM economies.. Trump has petitioned for a decrease in all tariffs facing the US, or else, but refuses to acknowledge the US market functions with a system of domestic tariffs and subsidies. Nobody believes Trump is offering 100% free trade, because if he did, it would destroy many US industries. Trump wants everyone to open their markets, while the US employs an endless of list of "National Security" excuses to maintain their tariffs and subsidies.. . Each country can deliver a list of "unfair" trade scenarios, to any other country, if they, too, cherry pick the data.. Canada has a trade DEFICIT with the US, yet faces an barrage of "National Security" tariffs, placed by the US. That is the truth.
http://time.com/5185673/donald-trump-us-cananda-trade-deficit-surplus/
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