U.S. defends tough trade stance at global finance meeting
Apr 21, 2018 11:30 AM EDT
WASHINGTON — The United States is resisting pressure to back off President Donald Trump’s tough America First trade policy at a meeting of global finance leaders worried about the threat of a damaging trade war.
U.S. Treasury Secretary Steven Mnuchin charged that “unfair global trade practices impede stronger U.S. and global growth, acting as a persistent drag on the global economy.” He urged the International Monetary Fund to do more to combat unfair trade practices.
The administration has rattled financial markets with a series of provocative moves in recent weeks. Last month, it slapped taxes on imported steel and aluminum. Next it proposed tariffs on $50 billion in Chinese products to sanction Beijing for its aggressive efforts to obtain U.S. technology. China counterpunched by targeting $50 billion in U.S. exports. Trump then ordered his trade representative to target up to $100 billion more in Chinese products.
Instead of sounding conciliatory over trade, Mnuchin called on the IMF to go beyond its traditional role as an emergency lender for countries in financial crisis and strengthen its monitoring role of individual country’s trade practices, especially nations running large trade surpluses.
https://www.pbs.org/newshour/world/u-s-defends-tough-trade-stance-at-global-finance-meeting
Trade Wars are easy to win!!!