Published: Thu, May 18, 2017
Money | By Armando Alvarado

G7 nations to agree for joint fight against cyber attacks

G7 nations to agree for joint fight against cyber attacks

"We can discuss, we can have different appreciations, but we are in the same world and in the same boat", he said.

Mr Mnuchin said the opening-up of the market for beef sales to China was a "huge deal" for the administration and for USA farmers.

He said the discussions, which also included topics like cybersecurity and combating terror financing, were "very productive". "What they are considering now is a lot less worrying".

"This is a reminder to all of us of the importance and focus on cyber security", Mnuchin said, according to Reuters.

Trump has proposed slashing the United States of America corporate income tax rate and offer multinational businesses a steep tax break on overseas profits brought back to the U.S. The Organization for Economic Cooperation and Development, a group representing many advanced economies, has urged the U.S.to lower its corporate tax rate.

And some officials are uneasy about the tax overhaul fueling a degenerative competition toward lower corporate tax rates around the world.

Officials from the big European economies, Canada and Japan remain concerned about a lack of visibility over how Trump plans to implement his ‹America First› agenda.

Representatives from the six other rich countries were hoping to hear what Trump's plans are amid fears that he would harm global trade.

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Meanwhile, the agriculture sector recovered with 4.9 percent growth from a decline of 4.3 percent from the previous year. "Growth past year was high due to election spending, impact of which has already dissipated", Pernia said.

The Associated Press reports, "Mnuchin says major trading partners "are much more comfortable" with the Trump administration's stance on trade and tax policy and understand that they will benefit from the intended US growth".

At a meeting of the larger Group of 20 finance ministers in Germany in March, ministers dropped their traditional pledge to keep global free trade open, bowing to an increasingly protectionist United States.

Before the G7 meeting, several ministers and officials held an early-morning discussion of Greece's long-running debt crisis to prepare for a May 22 meeting of euro zone finance ministers on the disbursement of new loans.

Finance ministers also said that countries would have to do more to distribute growth more equally. 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.

During his presidential campaign, Trump repeatedly charged that past administrations had failed to take a tough stand on enforcing trade agreements and this failure had cost millions of good-paying factory jobs and resulted in an enormous USA trade deficit.

There is broad consensus among economists, for example, that more than two-thirds of the job losses over the past two decades were a result of automation, with only a third from jobs being moved to countries with cheaper labor and production costs.

The statement also stressed the need for common practices to detect vulnerabilities in the global financial system.

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