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G7 finance chiefs talk cyber security in wake of attacks

G7 finance chiefs talk cyber security in wake of attacks

International Monetary Fund managing director Christine Lagarde arrives for the opening session of the G7 of Finance ministers in Bari, southern Italy, Friday, May 12, 2017.

"We are excited about USA trade policies and I think you probably saw last night we made an announcement on a hundred day economic plan with the Chinese", he said as he headed into the meeting in the town's 13th-Century fortress.

Hammond said that he was at the meeting to "ensure a fair deal for Britain out of global trade to work together with our partners here to protect British citizens from external security threats", as well as ensuring that global companies pay their fair share of taxes in Britain.

Mnuchin said that after meetings in Bari and a broader finance summit in Baden-Baden, Germany, in March, "people feel a level of comfort" in understanding the Trump administration policies.

Mnuchin is taking the opportunity to lay out the Trump administration's views on trade. Still, both he and Mnuchin stressed how important the U.S.

But unlike a G7 leaders' communique of 2016, the financial leaders in Bari did not endorse free trade and reject protectionism, reflecting pressure from the United States where President Donald Trump has signaled his scepticism about free trade deals. He also said the administration had held "preliminary but productive discussions" with the Canadian and Mexican governments on Nafta. "'All the six others. said explicitly, and sometimes very directly, to the representatives of the USA administration that it is absolutely necessary to continue with the same spirit of global cooperation, ' French Finance Minister Michel Sapin told reporters".

Trump has proposed slashing the United States corporate income tax rate and offer multinational businesses a steep tax break on overseas profits brought back home.




Mnuchin said "this is a big priority for the president". But he offered little detail.

The meeting also coincided with news of a significant foray by the Trump administration into global commerce.

"I think that there was no disagreement over the fact that trade promotes growth and has to be inclusive", Italian Finance Minister Pier Carlo Padoan said on Bloomberg Television.

In a communique issued after their two-day meeting in Bari, southern Italy, the G-7 called cyberattacks "a growing threat" for the world economy and vowed to take measures in the wake of a global cyberattack Friday that infected tens of thousands of computers in almost 100 countries.

Despite Mnuchin's remarks, Japanese Finance Minister Taro Aso expressed hope that the G-7 leaders, including Trump, will narrow the group's gap on trade when they gather in Taormina, Sicily, on May 26 to 27.

The group's agreements, presented in the form of a final statement, aren't legally binding; instead they represent the leaders' political commitment to follow through.


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