IMF members delete anti-protectionism pledge, keep currency commitments

IMF members delete anti-protectionism pledge, keep currency commitments

Zhou said International Monetary Fund should stick to its basic principle of globalisation, and promote global coordination of macroeconomic policies under a cooperative and rules-based framework, with an aim of achieving broad recovery in global trade and investment.

Speaking ahead of this week's annual spring meetings of the International Monetary Fund (IMF) and World Bank, IMF managing director Christine Lagarde said these two elements were needed to "create a more resilient and inclusive global economy". The president has already backed down from a campaign pledge to officially label China a currency manipulator. The IMF should also identify specific policy adjustments at the country level to achieve substantially improved balance in the overall system.

"We all want free and fair trade and that is what is reflected in the communique", he told reporters when asked why the language on protectionism had been dropped. Steven Mnuchin, attending his first worldwide gathering as Trump's Treasury secretary, had defended the change in the G-20 communique by saying, "The historical language was not really relevant".

"Instead of dwelling on what that concept means, we managed to sort of put it in a more positive and more constructive framework", he said at a press conference, adding the membership agreed to counsel against inward-looking policies and work to strengthen the contribution of trade to their economies. "There is evidently a need to better communicate the benefits of trade and globalisation".

"The United States is probably the most open trading market there is", Mnuchin said. Mnuchin said the administration's goal was to simplify the tax system for both individuals and businesses. "Maybe a big postcard, but you can still stick it in the mail".

President Trump was elected on the campaign promise of strengthening US borders and combating globalization.

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The country's debt stock as a percentage of the total value of the economy over the years has been a concern for the country's development partners, donors, and rating agencies because of its impact on government expenditure, the cost of credit, and economic growth. His action could lead to higher tariffs on steel imports.

The IMFC statement also said that while the global economic recovery was gaining momentum, growth was "still modest" and it warned of heightened political and policy uncertainties.

The world economy has struggled to regain millions of jobs lost after a devastating financial crisis hit in 2008 and the finance leaders acknowledged the adverse effects the deep-downturn, playing a major role in the rising pressures against free trade and immigration.

"Countries with large external surpluses and sound public finances have a particular responsibility for contributing to a more robust global economy by deploying fiscal policy aggressively to boost growth and help facilitate global rebalancing", Mnuchin said.

US Treasury Secretary Steven Mnuchin repeated that the US focus will be on "more rigorously defending ourselves against unfair trade practices" including against countries with large surpluses.

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