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

ForexFeb 11, 2021 07:25PM ET
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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
 

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Comments (8)
Alan Rice
Alan Rice Feb 12, 2021 12:23PM ET
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US: Old "solutions " ain't making it. Tic-toc.
Mark Henline
Mark Henline Feb 12, 2021 1:46AM ET
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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
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so glad the neanderthal is gone. What a breath of fresh air!
Red Riley
Red Riley Feb 11, 2021 9:44PM ET
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vomit 🤮🤮
Rob Hild
Rob Hild Feb 11, 2021 9:00PM ET
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World first right?
Benjamin McIntire
Benjamin McIntire Feb 11, 2021 9:00PM ET
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Yes.
John Kay
jkay Feb 11, 2021 9:00PM ET
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and rightly so. You don't cut the hand that feeds you, so you?
Clinton Powell
Clinton Powell Feb 11, 2021 8:32PM ET
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Trump gone?!! Isnt that insurrection language?!
Sattar Langary
Sattar Langary Feb 11, 2021 8:32PM ET
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devil gone...
Mark Henline
Mark Henline Feb 11, 2021 8:32PM ET
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I agree ... they writter and editor needs diversity training.
Silence Dogood
Silence Dogood Feb 11, 2021 7:25PM ET
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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
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Expect some steps on crypto currency post G7. Global markets may change its mood post the summit.
 
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