Finance leaders downplay differences with Trump over trade
Global finance leaders are downplaying differences over free trade with President Donald Trump, saying there is wide agreement that globalization delivers stronger economic growth.
But officials are warning that too many people have been left behind at a time when low-wage competition and automation have reduced factory jobs in the world’s wealthy economies.
Germany’s finance minister, Wolfgang Schaeuble, says more protectionism and countries retreating from globalization will result if more isn’t done.
The finance leaders are gathered in Washington for the spring meetings of the World Bank and International Monetary Fund.
U.S. Treasury Secretary Steven Mnuchin repeated a call for the IMF to police the currency markets and call out countries that undervalue their currencies to gain an unfair price advantage for their exporters.