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G20 may sidestep trade issue due to discord with U.S. - Schaeuble

Reuters  |  BERLIN 

By Gernot Heller and Michael Nienaber

(Reuters) - The protectionist stance of the new U.S. administration could complicate talks this week and force policymakers to leave out the disputed trade issue, German Minister Wolfgang told in an interview.

Speaking ahead of the gathering of ministers and central bankers in the German town of Baden-Baden on Friday and Saturday, said it was still unclear if the would keep joint language supporting and open markets.

"There are differing views on this subject," said, pointing to "America First" comments by U.S. President Donald Trump and other senior U.S. government officials.

"It's possible that we explicitly exclude the topic of trade in Baden-Baden and say that can only be resolved at the summit of the state and government leaders."

An early draft communique for the meeting had suggested that the world's financial leaders might no longer explicitly reject protectionism, breaking with a decade-old tradition.

"This is not the ideal solution, but it would not be such a big deal," said about the possibility that the members might fail to reach an agreement on trade.

The final communique of Baden-Baden should send the message that international cooperation is still robust in times of growing geopolitical risks, said.

He said he believed the would keep established language rejecting foreign exchange rate manipulation. "That's my expectation," said.

said he would ask his U.S. counterpart Steven Mnuchin during talks in later on Thursday to explain any plans to overhaul the U.S. tax code and favour exports over imports by introducing a border adjustment tax.

"I'll tell him the arguments that from my point of view speak against changing the tax system of the whole world," said. "I hope that we'll achieve sensible results."

also said that he did not expect Washington to roll back all financial market regulations after Trump ordered reviews of major banking rules put in place after the global financial crisis.

"I'm not that pessimistic," said, adding that the United States had an interest in completing current negotiations of Basel III banking rules.

Reacting to repeated U.S. criticism of Germany's large current account surplus, said that Germany's strong export performance was also a result of the European Central Bank's loose monetary policy.

"Unfortunately, I have to say, many who criticise the German surplus have not supported me in the matter of not relying increasingly on monetary policy to generate growth."

has repeatedly called for higher interest rates, urging governments to create the conditions for sustainable growth by implementing structural reforms.

The minister told that if the euro weakened further, it would probably help to push up inflation in the currency bloc.

(Reporting by Michael Nienaber; Editing by Madeline Chambers and Jeremy Gaunt)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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G20 may sidestep trade issue due to discord with U.S. - Schaeuble

BERLIN (Reuters) - The protectionist stance of the new U.S. administration could complicate G20 talks this week and force policymakers to leave out the disputed trade issue, German Finance Minister Wolfgang Schaeuble told Reuters in an interview.

By Gernot Heller and Michael Nienaber

(Reuters) - The protectionist stance of the new U.S. administration could complicate talks this week and force policymakers to leave out the disputed trade issue, German Minister Wolfgang told in an interview.

Speaking ahead of the gathering of ministers and central bankers in the German town of Baden-Baden on Friday and Saturday, said it was still unclear if the would keep joint language supporting and open markets.

"There are differing views on this subject," said, pointing to "America First" comments by U.S. President Donald Trump and other senior U.S. government officials.

"It's possible that we explicitly exclude the topic of trade in Baden-Baden and say that can only be resolved at the summit of the state and government leaders."

An early draft communique for the meeting had suggested that the world's financial leaders might no longer explicitly reject protectionism, breaking with a decade-old tradition.

"This is not the ideal solution, but it would not be such a big deal," said about the possibility that the members might fail to reach an agreement on trade.

The final communique of Baden-Baden should send the message that international cooperation is still robust in times of growing geopolitical risks, said.

He said he believed the would keep established language rejecting foreign exchange rate manipulation. "That's my expectation," said.

said he would ask his U.S. counterpart Steven Mnuchin during talks in later on Thursday to explain any plans to overhaul the U.S. tax code and favour exports over imports by introducing a border adjustment tax.

"I'll tell him the arguments that from my point of view speak against changing the tax system of the whole world," said. "I hope that we'll achieve sensible results."

also said that he did not expect Washington to roll back all financial market regulations after Trump ordered reviews of major banking rules put in place after the global financial crisis.

"I'm not that pessimistic," said, adding that the United States had an interest in completing current negotiations of Basel III banking rules.

Reacting to repeated U.S. criticism of Germany's large current account surplus, said that Germany's strong export performance was also a result of the European Central Bank's loose monetary policy.

"Unfortunately, I have to say, many who criticise the German surplus have not supported me in the matter of not relying increasingly on monetary policy to generate growth."

has repeatedly called for higher interest rates, urging governments to create the conditions for sustainable growth by implementing structural reforms.

The minister told that if the euro weakened further, it would probably help to push up inflation in the currency bloc.

(Reporting by Michael Nienaber; Editing by Madeline Chambers and Jeremy Gaunt)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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Business Standard
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G20 may sidestep trade issue due to discord with U.S. - Schaeuble

By Gernot Heller and Michael Nienaber

(Reuters) - The protectionist stance of the new U.S. administration could complicate talks this week and force policymakers to leave out the disputed trade issue, German Minister Wolfgang told in an interview.

Speaking ahead of the gathering of ministers and central bankers in the German town of Baden-Baden on Friday and Saturday, said it was still unclear if the would keep joint language supporting and open markets.

"There are differing views on this subject," said, pointing to "America First" comments by U.S. President Donald Trump and other senior U.S. government officials.

"It's possible that we explicitly exclude the topic of trade in Baden-Baden and say that can only be resolved at the summit of the state and government leaders."

An early draft communique for the meeting had suggested that the world's financial leaders might no longer explicitly reject protectionism, breaking with a decade-old tradition.

"This is not the ideal solution, but it would not be such a big deal," said about the possibility that the members might fail to reach an agreement on trade.

The final communique of Baden-Baden should send the message that international cooperation is still robust in times of growing geopolitical risks, said.

He said he believed the would keep established language rejecting foreign exchange rate manipulation. "That's my expectation," said.

said he would ask his U.S. counterpart Steven Mnuchin during talks in later on Thursday to explain any plans to overhaul the U.S. tax code and favour exports over imports by introducing a border adjustment tax.

"I'll tell him the arguments that from my point of view speak against changing the tax system of the whole world," said. "I hope that we'll achieve sensible results."

also said that he did not expect Washington to roll back all financial market regulations after Trump ordered reviews of major banking rules put in place after the global financial crisis.

"I'm not that pessimistic," said, adding that the United States had an interest in completing current negotiations of Basel III banking rules.

Reacting to repeated U.S. criticism of Germany's large current account surplus, said that Germany's strong export performance was also a result of the European Central Bank's loose monetary policy.

"Unfortunately, I have to say, many who criticise the German surplus have not supported me in the matter of not relying increasingly on monetary policy to generate growth."

has repeatedly called for higher interest rates, urging governments to create the conditions for sustainable growth by implementing structural reforms.

The minister told that if the euro weakened further, it would probably help to push up inflation in the currency bloc.

(Reporting by Michael Nienaber; Editing by Madeline Chambers and Jeremy Gaunt)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22