G7 Financial Leaders Reiterate FX Pledges, Vow More Cyber Cooperation

Group of Seven (G-7) economic leaders will use the same language on trade, currencies and monetary policy at the end of their meeting in Italy today as the larger Group of 20 (G-20) did in March at a meeting in Germany, an Italian G-7 official said.

It said that from January to April this year, there were 7,911 Zika cases, 95.3 per cent down on the same period last year when there were 170,535 cases. Officials said they are trying to work more closely with the private sector, including through deeper data collection and sharing solutions to attacks.

But he said the continued uncertainty about the direction of USA policy represented a risk, echoing comments made on Friday by Japanese Finance Minister Taro Aso.

The China deal came just months after Trump was attacking Beijing in an election campaign in which he promised to restore trade barriers if he felt they were needed to protect U.S. interests.

Since taking office, his administration has issued a report that names two G-7 countries, Germany and Japan, for special monitoring due to their large trade surpluses with the USA and has sparked a trade battle with Canada, another G-7 country, by imposing higher tariffs on imports of Canadian softwood lumber.

International Monetary Fund managing director Christine Lagarde arrives for the opening session of the G7 of Finance ministers in Bari, southern Italy, Friday, May 12, 2017.

Mnuchin is taking the opportunity to lay out the Trump administration's views on trade.

Woman accused of trying to run congressman off road
However, the 35-year-old was then identified by police when she posted on Facebook about the incident later that night. Kustoff said he voted for the bill because the "current health care system is failing Tennesseans".

Trump has proposed slashing the USA corporate income tax rate and offer multinational businesses a steep tax break on overseas profits brought back home.

Their statement on the global economic threat posed by cyberattacks was released a day after tens of thousands of computers in some 100 countries were infected through a cyberattack.

Mnuchin said preliminary discussions have begun with Canada and Mexico to renegotiate NAFTA, a topic that came up for discussion during his one-on-one meeting with Canadian Finance Minister Bill Morneau.

In a final statement, the ministers said, "we reiterate our commitment to worldwide economic and financial cooperation and we remain determined to use all policy tools - monetary, fiscal and structural - individually and collectively to achieve our goal of strong, sustainable, balanced and inclusive growth".

The China deal, securing better access to the big Chinese market for USA beef, natural gas and some financial services, was welcomed by Mnuchin. "We have to do that in a more profound way. and I think that is what is going on", he said.

Italian Economy Minister Pier Carlo Padoan, the G7 host, said Trump's plan to slash taxes on businesses was "ambitious" and he was keen to hear more about it from Mnuchin. The G-7 includes Canada, France, Germany, Japan, Italy, the US, and United Kingdom, with the European Union also attending the meeting.

The group's agreements aren't legally binding; instead, they represent the leaders' political commitment to follow through.

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