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U.S. wants free but fair and balanced trade - Mnuchin

Reuters  |  BADEN BADEN, Germany 

BADEN BADEN, (Reuters) - The United States remains committed to but wants to re-examine some trade deals and correct their excesses, U.S. Treasury Secretary Steven said on Saturday after chiefs backtracked on past commitments about trade.

Making only a token reference to trade in their communique, ministers and central bank chiefs from the world's top 20 economies broke with a decade-long tradition of endorsing open trade, a clear defeat for host nation Germany, which has fought to maintain the G20's past commitments.

"What was in the past communique is not necessarily relevant from my standpoint," told a conference in Baden Baden after his first meeting with the chiefs of the world's 20 biggest economies.

"I understand what the president's desire is and his policies, and I negotiated them from here. I couldn't be happier with the outcome," said.

In the new U.S. administration's biggest clash yet with the international community, chiefs rowed back on a pledge to reject protectionism and maintain an open and inclusive global trade system.

"We believe in free trade, we are in one of the largest markets in the world, we are one of the largest trading partners in the world, trade has been good for us, it has been good for other people," said.

"Having said that, we want to re-examine certain agreements," said, adding that NAFTA would have to be reviewed, some WTO rules needed to be better enforced and older agreements may have to be renegotiated.

Although the government is also reviewing financial regulation, pledged support for the now stalled Basel III accord, a major global attempt to regulate lenders consistently.

"We're hopeful there will be a resolution on the Basel III/IV changes," said. "We need to make sure we bring unity to the international market."

(Reporting by Balazs Koranyi and David Lawder; editing by David Clarke/Ruth Pitchford)

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

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U.S. wants free but fair and balanced trade - Mnuchin

BADEN BADEN, Germany (Reuters) - The United States remains committed to free trade but wants to re-examine some trade deals and correct their excesses, U.S. Treasury Secretary Steven Mnuchin said on Saturday after G20 finance chiefs backtracked on past commitments about trade.

BADEN BADEN, (Reuters) - The United States remains committed to but wants to re-examine some trade deals and correct their excesses, U.S. Treasury Secretary Steven said on Saturday after chiefs backtracked on past commitments about trade.

Making only a token reference to trade in their communique, ministers and central bank chiefs from the world's top 20 economies broke with a decade-long tradition of endorsing open trade, a clear defeat for host nation Germany, which has fought to maintain the G20's past commitments.

"What was in the past communique is not necessarily relevant from my standpoint," told a conference in Baden Baden after his first meeting with the chiefs of the world's 20 biggest economies.

"I understand what the president's desire is and his policies, and I negotiated them from here. I couldn't be happier with the outcome," said.

In the new U.S. administration's biggest clash yet with the international community, chiefs rowed back on a pledge to reject protectionism and maintain an open and inclusive global trade system.

"We believe in free trade, we are in one of the largest markets in the world, we are one of the largest trading partners in the world, trade has been good for us, it has been good for other people," said.

"Having said that, we want to re-examine certain agreements," said, adding that NAFTA would have to be reviewed, some WTO rules needed to be better enforced and older agreements may have to be renegotiated.

Although the government is also reviewing financial regulation, pledged support for the now stalled Basel III accord, a major global attempt to regulate lenders consistently.

"We're hopeful there will be a resolution on the Basel III/IV changes," said. "We need to make sure we bring unity to the international market."

(Reporting by Balazs Koranyi and David Lawder; editing by David Clarke/Ruth Pitchford)

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

image
Business Standard
177 22

U.S. wants free but fair and balanced trade - Mnuchin

BADEN BADEN, (Reuters) - The United States remains committed to but wants to re-examine some trade deals and correct their excesses, U.S. Treasury Secretary Steven said on Saturday after chiefs backtracked on past commitments about trade.

Making only a token reference to trade in their communique, ministers and central bank chiefs from the world's top 20 economies broke with a decade-long tradition of endorsing open trade, a clear defeat for host nation Germany, which has fought to maintain the G20's past commitments.

"What was in the past communique is not necessarily relevant from my standpoint," told a conference in Baden Baden after his first meeting with the chiefs of the world's 20 biggest economies.

"I understand what the president's desire is and his policies, and I negotiated them from here. I couldn't be happier with the outcome," said.

In the new U.S. administration's biggest clash yet with the international community, chiefs rowed back on a pledge to reject protectionism and maintain an open and inclusive global trade system.

"We believe in free trade, we are in one of the largest markets in the world, we are one of the largest trading partners in the world, trade has been good for us, it has been good for other people," said.

"Having said that, we want to re-examine certain agreements," said, adding that NAFTA would have to be reviewed, some WTO rules needed to be better enforced and older agreements may have to be renegotiated.

Although the government is also reviewing financial regulation, pledged support for the now stalled Basel III accord, a major global attempt to regulate lenders consistently.

"We're hopeful there will be a resolution on the Basel III/IV changes," said. "We need to make sure we bring unity to the international market."

(Reporting by Balazs Koranyi and David Lawder; editing by David Clarke/Ruth Pitchford)

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

image
Business Standard
177 22