Published: Sat, May 20, 2017
Money | By Armando Alvarado

G7 ministers take aim at cybercrime

G7 ministers take aim at cybercrime

"People are much more comfortable today now that they've had the opportunity to spend time with me and listen to the president and listen to the economic message on what the economic agenda is, and that's about creating growth in the United States", Mnuchin told reporters after the meeting.

The G7 countries are Canada, France, Germany, Japan, Italy, the United States and the United Kingdom; the European Union also attends the informal forum. While holding firm on that despite attempts to persuade him to give ground, Mnuchin said his colleagues were gaining a better understanding of what President Trump's policies mean for the USA and the rest of the world.

After the meeting, officials from Japan and member European countries remained concerned about the economic shift in Washington, particularly after Mnuchin said the US reserved the right to be protectionist if it thought trade was not free or fair.

But ministers from the other G7 countries made it clear they did not share the U.S. secretary's view.

Finance ministers and central bank governors from the world's seven biggest economic powers have kept their watered-down promise to promote free trade, as the new United States administration's reluctance to commit to a full-throated defence against protectionism remained firm.

It also said the G7 financial leaders would strengthen cooperation to counter cyber threats such as a global online attack which infected tens of thousands of computers in almost 100 countries on Friday.

"We reaffirm our existing G7 exchange rate commitments to market-determined exchange rates and to consult closely in regard to actions in foreign exchange markets", the draft said.

Why WannaCry Ransomware Took Down So Many Businesses
The most serious of which has been the National Health Service (NHS) of the United Kingdom which holds patient care information. Unfortunately, there are many systems that simply are rarely updated, such (believe it or not) many military systems.

A slew of recent announcements-including an investigation into steel imports and a warning the USA may pull out of a trade agreement with Canada and Mexico-have renewed fears the Trump administration could spark a trade war that could hit the global economy just as it appears to be gaining momentum.

"We are agreed on many things. including on the fight against cyber crime which is unfortunately very timely", Padoan said on his arrival for Saturday's closing session.

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.

Inclusive growth will be on top of the agenda of finance ministers from the Group of Seven (G7) members, who gathered on Thursday in the southern city of Bari for a three-day meeting.

The finance meeting paves the way for a meeting of national leader in Sicily May 26-26.

Mnuchin said he "couldn›t be happier with the last two days".

The issue will be discussed at the G7 summit in Taormina later this month, according to the Italian presidency. Still, both he and Mnuchin stressed how important the U.S.

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