Treasury Secretary Meets with German Ministers Assuring No Trade Wars
On Thursday, the US Treasury Secretary Steven Mnuchin met with the German finance minister Wolfgang Schaeuble in Berlin. Mnuchin is all set for the first G20 finance ministers’ meeting after Trump was elected as the POTUS. In a press conference, Mnuchin assured that the USA doesn’t want to get into trade wars. He reiterated that the Donald Trump administration wants to continue with free trades that is fair for USA as well.
Trump was critical of the free trade deals during his election campaign. He severally opposed USA’s free trade deal with Mexico, China and the Asian countries. He had left out the European Union during his campaigns, even though USA has a free trade deal with the EU as well.
Germany, in particular, has a trade deficit with the USA, as it exports are more than it imports. The German minister said that Mnuchin’s comments send a good message. Mnuchin said during the press meeting that the country is focusing on boosting economic growth, which is good for USA as well as for the other nations. He also emphasized that USA wants to deal with trade imbalance to promote growth within the country.
Donald Trump during his election campaign earlier said that he would use different economic tactics like currency sanctions, tariffs, cancellation or rewriting of trade deals, to deal with trade deficits. However, he has not taken any measures threatening the trade deals, except for the trade deal with Mexico.
Mnuchin has an important task of convincing the G20 members, to change the language to Free and Fair trade. He is also prepared to discuss currency valuation of leading world economies.
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