Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S., with Trump gone, seeks to build bridges on global economy

ForexFeb 11, 2021 07:25PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
2/2 © Reuters. FILE PHOTO: G7 summit in Biarritz 2/2

By William Schomberg

LONDON (Reuters) - Global finance chiefs meet on Friday for the first time since Joe Biden replaced Donald Trump as U.S. president, vowing to rebuild bridges with allies to steer the world economy out of its deepest slump since the Great Depression.

U.S. Treasury Secretary Janet Yellen, a familiar face to global policymakers from her days in charge of the Federal Reserve, will join her counterparts from the Group of Seven (G7) rich nations for the online discussions.

Britain's finance minister, Rishi Sunak, who will co-chair the talks, wants the meeting to send a fresh signal that trillions of dollars of stimulus from G7 members will not be scaled back while COVID-19 vaccinations are still ramping up.

Biden has proposed a further $1.9 trillion in spending and tax cuts on top of Trump's $4 trillion. Sunak is expected to say next month that he will extend his economic rescue programmes and fixing public finances will have to wait.

The meeting will try to revive attempts for a global approach to taxing giant digital firms, many of them American such as Amazon (NASDAQ:AMZN) and Google (NASDAQ:GOOGL), a test case for Washington's return to engagement with the rest of the world.

The G7 was also likely to help low-income countries raise funds to fight the pandemic by backing a new allocation of the International Monetary Fund's own currency.

The United States, the IMF's dominant shareholder, is open to a new issuance of $500 billion in what would be another shift from the Trump administration's stance, sources said.

As well as the United States and Britain, the G7 includes Japan, France, Germany, Italy and Canada whose finance ministers and central bank governors will be joined by the head of the European Central Bank and the IMF.

British Prime Minister Boris Johnson is due to host the first in-person summit of G7 leaders in nearly two years in June in a seaside village in Cornwall, southwestern England, which will focus on rebuilding from the pandemic and climate change.

Trump threw the G7 into chaos in 2018 when he said he was backing out of a joint communique after a leaders' summit because of a trade dispute with Canada.

Britain wants to make climate change and biodiversity loss a top priority of it G7 presidency ahead of the COP26 conference it is due to host in November.

U.S., with Trump gone, seeks to build bridges on global economy
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (9)
Alan Rice
Alan Rice Feb 12, 2021 12:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
US: Old "solutions " ain't making it. Tic-toc.
Mark Henline
Mark Henline Feb 12, 2021 1:46AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
other goverment leaders always wait out weak American positions.. its a slow death..when we keep redrawing a new line in the sand...
John Kay
jkay Feb 12, 2021 12:20AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
so glad the neanderthal is gone. What a breath of fresh air!
Rick Baier
Rick Baier Feb 11, 2021 11:53PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yup here we go again we pay 80 percent everyone else 1-2 percent.
Red Riley
Red Riley Feb 11, 2021 9:44PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
vomit 🤮🤮
Rob Hild
Rob Hild Feb 11, 2021 9:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
World first right?
Benjamin McIntire
Benjamin McIntire Feb 11, 2021 9:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes.
John Kay
jkay Feb 11, 2021 9:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
and rightly so. You don't cut the hand that feeds you, so you?
Clinton Powell
Clinton Powell Feb 11, 2021 8:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Trump gone?!! Isnt that insurrection language?!
Sattar Langary
Sattar Langary Feb 11, 2021 8:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
devil gone...
Mark Henline
Mark Henline Feb 11, 2021 8:32PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I agree ... they writter and editor needs diversity training.
Silence Dogood
Silence Dogood Feb 11, 2021 7:25PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
They mean getting back to letting all other countries rip us off blind coming and going.. mm yeah seems like a good plan...
Jimesh Sanghvi
Jimesh Sanghvi Feb 11, 2021 7:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Expect some steps on crypto currency post G7. Global markets may change its mood post the summit.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email