IMF, Trump Administration Can Improve Global Trade — IMF's Lagarde

Germany's Federal Minister of Finance Wolfgang Schäuble joined by German Bundesbank President Jens Weidmann left and Friederike von Tiesenhausen spokesperson for Schäuble and Head of the Media Division speaks during the G20 news conference

As the meetings got started, two blocks away at the White House, Trump signed a directive to study whether steel imports into the United States could be restricted for national security reasons under a law passed in 1962.

World finance leaders, confronted by a growing backlash against globalization, will seek to build support for free trade by finding ways to help those left behind.

The IMF in particular has sounded warnings against Trump's "America First" agenda which aims to shrink United States trade deficits with potential measures to restrict imports.

World Bank President Jim Yong Kim told reporters: "We're encouraged to see stronger economic prospects after years of disappointing global growth".

Christine Lagarde, the managing director of the International Monetary Fund, said that the answer to the wave of populism gaining support in many countries was to work for "more growth and better growth" in the world economy.

Treasury Secretary Steven Mnuchin arrives for a meeting with Chinese Finance Minister Xiao Jie meet during the G20 at the 2017 World Bank Group Spring Meetings in Washington, Friday, April 21, 2017.

Trump tapped into a rising backlash against free trade during the campaign, pledging that he would impose punitive tariffs of up to 45 percent on countries such as China and Mexico which he blamed for pursuing unfair trade practices that were hurting American workers.

In India, Anxiety Over Trump's Review Of H-1B Visas
Australia is set to abolish the 457 visa programme used by companies to bring in temporary foreign workers. Turnbull said Australia will adopt a new "Australians first" approach to skilled migration.

Trump has long promised to also label China a "currency manipulator" but he backed off that stance last week after meeting with Chinese President Xi Jinping.

The Trump administration has complained about Germany's high trade surplus with the United States.

Le Pen has pledged to take France out of the eurozone and stage a referendum on exiting the European Union, as Britain voted to do previous year.

"These processes of modernization, which are barely comprehensible to many people, are triggering defense reactions", said German Finance Minister Wolfgang Schaeuble, speaking to a different Washington audience on Thursday. Governments should respond with "broad-based rehabilitation" of communities hurt by lost manufacturing-a situation almost entirely due to technological advances rather than trade, even though trade is blamed, he said. However, IMF remained neutral and the director said: "Our understanding is that that demonetization has now been remedied at about 75 percent, which is the latest March figure that we have and which shows clearly that the situation is now being mended".

"It will be sweeping, it will be significant and it will create a lot of economic growth", Mnuchin said.

"The IMF is not a trade organization, but we are concerned about trade because it has been a major engine for growth", Lagarde noted.

Lagarde said: "Trade and financial integration and technology lifted hundreds of millions out of poverty, boosted incomes, expanded access to goods and services, accelerated knowledge transfer, and provided new opportunities for investment".

Related News:

  • Mourinho fears worst with Ibrahimovic, Rojo injuries

    Mourinho fears worst with Ibrahimovic, Rojo injuries

    At a club like United, when you start the Europa League , you don't have the motivation high, but that's September. It's like me putting him in our Under-23s to win, let's say, a derby against Man City.
    Oil Amid Longest Gain Since 2012

    Oil Amid Longest Gain Since 2012

    United States production, however, continued to increase with a 0.4% gain on the week to 9.24 million bpd. Nevertheless, OPEC revised up its forecast for supplies from non-member countries in 2017.
    McCluskey wins Unite leadership re-election

    McCluskey wins Unite leadership re-election

    An email was sent to Unite members and staff in the West Midlands informing them that Mr Coyne had been suspended from his job. It is understood the move is linked to statements he made regardingMr McCluskey's purchase of a flat using union funds.
  • Attacker kills French policeman, injures two others, IS claims responsibility

    Attacker kills French policeman, injures two others, IS claims responsibility

    Security has been high in France since Tuesday, when police apprehended two men suspected of plotting an imminent terror attack. The Interior Ministry spokesman Pierre-Henry Brandet said both of the officers who were injured are doing better.

    Netanyahu criticizes Barghouti's New York Times op-ed

    Hunger-striking Palestinians being held under administrative detention and Israeli authorities have negotiated deals in the past. In 2011, Israel swapped more than 1,000 Palestinian prisoners for an Israeli soldier who had been held by Hamas for five years.

    Britain witnesses hectic 1st day of election campaigning

    Eligible voters must make sure they are registered before 22 May in order to have their say. The majority of those people who voted for Brexit live in Labour's heartlands.
  • Palin on O'Reilly: 'Culture Had to Change at Fox'

    Palin on O'Reilly: 'Culture Had to Change at Fox'

    The contract reportedly allowed Fox News parent 21st Century Fox to dismiss him if new allegations of sexual impropriety surfaced.
    United Kingdom  kicks off Vijay Mallya's extradition process, Tuesday's arrest the first step

    United Kingdom kicks off Vijay Mallya's extradition process, Tuesday's arrest the first step

    A Metropolitan Police statement said officers from the Extradition Unit arrested Mallya on an extradition warrant from India. Surjewala said the government's sincerity of objective would be proved only when Mallya and Modi are brought back to India.
    US FCC ends price caps on many business data lines

    US FCC ends price caps on many business data lines

    The decision ends most regulatory requirements in almost all areas, but retains some price caps in areas with little competition. In his comments, Pai argued that while "price regulation is seductive", it poses a threat to competition and innovation.
  • British PM May says June election result 'not certain' despite front-runner status

    Green Party co-leader Caroline Lucas said Mr Corbyn was letting down Britain by refusing to back a second referendum. May's Conservatives now hold 330 House of Commons seats and Labour 229.
    20 children killed when minibus hits truck in South Africa

    20 children killed when minibus hits truck in South Africa

    After the crash, a fire started and emergency responders found about 13 children trapped inside the vehicle. South Africa's transport minister expressed condolences to the families of the dead.

    Fire crews rush to calls in San Francisco outage

    Firefighters said on Twitter that they received more than 100 calls, 20 of them related to people trapped in elevators. Pacific Gas & Electric says about 90,000 customers have been affected by a power outage in San Francisco .


Most liked

4 draft-day scenarios that would drive Bears fans crazy
Myles Garrett is the clear choice, but the Browns seem open to moving down if they get a Godfather offer. But as reporters continued to hammer away, the responses were more glowing about Garrett.

Klopp faces centre-back dilemma ahead of Crystal Palace visit
The German said: "It would make sense if we signed a centre-back this summer - we have had injury issues in defence this season". It has felt like a lifetime since we were competing in big European games and playing in finals and winning trophies.

Prince fans to mark anniversary of music superstar's death
She wore a pendant of Prince's symbol, which she had also spray-painted in black along the legs of her white trousers . When Prince died past year , fans around the world were shocked and photos of him rocked the social media world.

Cavaliers aren't perfect, but they're still up 2-0 on Pacers
James was unfazed by the Pacers' fourth quarter fightback after the Cavs held on to take a 2-0 lead in the best-of-seven series . Love has upped his scoring game in the postseason, averaging 22.0 points, while also pulling down 7.5 rebounds in 35 minutes.

Ivanka Trump explains why she's skipping book tour
Radford is part of the expanding team that will work with the first daughter in her role as an unpaid senior adviser to Trump. It will be the first official worldwide trip for Trump, who has joined her father's administration as an unpaid adviser.

Labour leader says UK election 'establishment vs people'
He said it was a "rigged system" set up by a "cosy cartel" which he said was "set up by the wealth extractors for the wealth extractors".

Syria: Mattis, Assad still has chemical weapons
President Trump's recent actions in the Middle East are "a welcome change", Israeli Prime Minister Benjamin Netanyahu told U.S. The Syrian government has been locked in a six-year civil war against an array of opposition forces.

Director Of State's Addiction Agency Talks About Budget And Opioid Battle
Department of Health and Human Services for the prevention and treatment of opioid abuse in Kansas, according to a news release. The funding was provided by the 21 Century Cures Act , which passed the Senate with Sen.

Barack Obama Plans First Public Appearance Since Leaving Office
About six high school, college, and university graduate students from the Chicago area will join him on stage. Now, the timing of the Chicago event suggests an increasing public profile for the former leader.

Spokane shop has been serving 'Unicorn Frappuccino' for weeks
Would I get this again? The first sips were sweet and airy, like a combination of cotton candy and watered-down fruit. With the release, Starbucks has become the latest brand to capitalise on the social media-famous unicorn food trend.

New York Gets $25 Million For Battling Opioid Addiction
The grants will be administered by the Substance Abuse and Mental Health Services Administration. HHS will administer grants totaling $485 million to all 50 states and US territories .

2 more charged in Michigan genital mutilation investigation
That girl's parents were interviewed by Federal Bureau of Investigation agents and described the procedure as a "cleansing". Some of the girls allegedly traveled to the clinic, which is midway between Detroit and Ann Arbor, from out of state.

Site C megaproject fuels election jobs debate in BC campaign
On the issue of tolling bridges, Clark repeated her party's promise to cap tolls at $500 a year per person. "Mr. Horgan announced an expanded apprenticeship and trades training program under a New Democrat government.

Madison Bumgarner lands on DL after dirt bike accident
Bumgarner is 0-3 this season with 3.00 earned-run-average with 28 strikeouts and four walks in 27 innings this season. The Giants said Bumgarner is out of the hospital and resting at the team hotel.

Caitlyn Jenner's book is all made up: Kris
For example, Caitlyn will talk about how she commonly wore a bra and panties under Bruce Jenner's business suits. Caitlyn supposedly states in her forthcoming autobiography that Kris knew all along about her "gender issues".