Business

Morrison claims credit for G20 trade commitment

Morrison claims credit for G20 trade commitment

Citing President Donald Trump's commitment to American companies and workers, Mnuchin pushed back on and effectively omitted a ban on protectionism from the joint statement released at the end of the summit.

Other world powers present played down any disagreement between the countries.

"What was included in the past communiques was not necessarily relevant from my standpoint", Mnuchin said following the meeting.

"You make people come to you by laying out a strident position", Schmitt said, summing up the approach Trump has used for years in real estate and business.

African Ministers from Côte d'Ivoire, Morocco, Rwanda, Senegal and Tunisia were invited to the G20, where they each delivered presentations on their country's macroeconomic environment, reform initiatives and investment projects, the National Treasury said in a statement on Monday.

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The communique issued on Saturday was milder than the last one, from 2016. "We reiterate our determination to use all policy tools - monetary, fiscal and structural - individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth, while enhancing economic and financial resilience".

On the economic spectrum, protectionism is the opposite of free trade.

Instead they chose to give some space to him and Trump's new administration to refine their trade views in the hopes for moderation by the time Germany hosts a G20 leader's summit in July.

The "Group of 20", commonly abbreviated as G20, includes 19 countries and the European Union, which represent a majority of the global economy. So far, he is one of the only members of Trump's Cabinet who has sought to develop relationships with foreign leaders.

Gabriel Felbermayr, an economist with the IFO in Germany said that the G20's failure to formally reject protectionism is "a clear breach of tradition" meaning "now everything is possible". "He is very constructive and talking about good relationships with all of his worldwide counterparts".