Leaders of IMF and World Bank defend globalization

A security personnel stands next to International Monetary Fund logo at IMF headquarters in Washington U.S

A security personnel stands next to International Monetary Fund logo at IMF headquarters in Washington U.S

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He added that IMF Managing Director Christine Lagarde is aiming to "socialise" the new administration to the IMF's agenda and influence its policy choices.

"Industrial countries have large areas that need development", Rajan said.

Japan's Aso praised Mnuchin as having a better grasp of free trade than his predecessor Jacob Lew, whom he described as more expert on budgetary matters. Steven Mnuchin, attending his first worldwide gathering as Trump's Treasury secretary, had defended the change in the G-20 communique by saying, "The historical language was not really relevant".

The comments came a day after Trump ordered the US Department of Commerce to investigate whether steel imports posed a threat to US national security - a move that could lead to the US imposing tariffs on steel. "The notion of allowing for freer trade has run up against the Trump administration's conviction that its major trading partners are manipulating trade and currency policies to their own benefit".

The European Union and harmonization in Europe were a centerpiece of the political order after World War II, Lagarde said.

"We certainly will be looking at how we can participate in that, how we can continue to support the growth of trade, and how it can be done in the most efficient, fair, and global way as possible".

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Washington has also called on the fund to pay closer attention to member countries' efforts to affect exchange rates and other imbalances that harm the United States.

During the 2016 election campaign, Trump initially issued a plan that included proposals for cuts in tax rates for individuals and corporations, a repeal of the estate tax, an offshore profits repatriation tax holiday for multinationals and a cap on the deductibility of business interest.

Mnuchin suggested that the tax plan would not be revenue-neutral. In 2018, the global financial institution expects a mild slowdown in economic activity, with the growth of 2.6 percent of GDP. One thing about the Trump administration, and the president, since he has been in office -we are approaching his first 100 days this week- he has reached out to literaly hundreds and hundreds of business leaders.

President Donald Trump has vowed to sharply reduce America's huge trade deficits, which Trump says have cost the country millions of well-paying jobs. Apart from that, officials of Trump's administration are pushing back against such warnings and are arguing.

Asked at the Institute of International Finance about his message for his international counterparts, Cohn said the United States doesn't want to be "taken advantage of" any more.

The G-20 finance officials generally agreed with the IMF's assessment in its latest economic outlook - that global growth should pick up this year, helped by improving conditions in the United States and China, the world's two biggest economies.

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