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UK's Hammond talks Brexit at G7 meeting


G7 members have said they want a better sense of the plans of US President Donald Trump, who has threatened to upset the global consensus of recent decades on issues such as trade and rules for the financial services industry.

This meeting helps lay the foundation for the G7 meeting of global leaders that will take place later this month in which President Trump will attend.

The G7 meetings in Italy was also overshadowed by the inability of the members to adopt a united stance on issues such as imposing sanctions on Russian Federation and how to deal with a UN-backed deal on climate change, which the new U.S. administration views with skepticism.

The Associated Press reports, "Mnuchin says major trading partners "are much more comfortable" with the Trump administration's stance on trade and tax policy and understand that they will benefit from the intended US growth".

Secretary of the Treasury to the US Steven Mnuchin arrived later, but with a smile on his face after signing an 100-day economic plan with the Chinese.

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"We reaffirm our fiscal and monetary policies have been and will remain oriented towards meeting our respective domestic policy objectives, using domestic instruments and we will not target exchange rates for competitive purposes", it said, underlining the importance of refraining from competitive devaluations. He said counterparts understand that "we don't want to be protectionist, but we reserve our right to be protectionist to the extent we believe trade is not free and fair".

That divergence augurs for potential disagreements when the nations' leaders gather in Sicily later this month - an event which marks Trump's first major worldwide summit as U.S. President.

Mnuchin's remarks on trade policy has become clearer than those made at the broader G20 financial chiefs' meeting in Germany in March, Aso told reporters at the end of the G7 meeting.

Mr Mnuchin said the opening-up of the market for beef sales to China was a "huge deal" for the administration and for USA farmers. A Canadian ministry statement called it a "productive discussion" and that Canada committed to working out a durable solution. It was possible to negotiate a deal that was a "win-win for all three countries".

However, it seems this meeting will be another interesting opportunity for Germany to continue talks on tax.

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"When he came to Baden-Baden, his comments were tentative - probably because it was his first worldwide meeting and it was soon after he started", Japan's Finance Minister Taro Aso told reporters.

There were also discussions on cybercrime, financial regulation and global taxation.

"We will work to lift actual and potential growth, while ensuring that the fruits of economic growth are shared more widely", the G7 communique read.

"We recognise that the global economy is facing a prolonged period of modest growth, and high and rising inequalities, notably within many countries and affecting in particular middle- and low-income earners", the communique said.

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