Finance Leaders Play Down Differences with Trump
(22 Apr 2017) RESTRICTION SUMMARY: AP CLIENTS ONLY ASSOCIATED PRESS - AP CLIENTS ONLY WASHINGTON, DC - 22 APRIL 2017 1. INTERNATIONAL MONETARY FUND (IMF) GOVERNORS GATHER FOR GROUP PHOTO DURING WORLD BANK/IMF SPRING MEETINGS 2. IMF MANAGING DIRECTOR CHRISTINE LAGARDE ARRIVES FOR GROUP PHOTO 3. US TREASURY SECRETARY STEVEN MNUCHIN SEATED FOR GROUP PHOTO 4. ZHOU XIAOCHUAN, GOVERNOR OF THE PEOPLE'S BANK OF CHINA IN HIS SEAT 5. GERMAN FEDERAL MINISTER OF FINANCE WOLFGANG SCHAUBLE SEATED 6. TIGHT OF US TREASURY SECRETARY STEVEN MNUCHIN 7. WIDE OF GROUP PHOTO 8. MID OF FINANCE OFFICIALS 9. ZOOM OUT OF LAGARDE, OTHERS IN FRONT ROW 10. WIDE OF FINANCE OFFICIALS ARRIVING FOR PLENARY SESSION 11. MID OF FINANCE OFFICIALS 12. TILT UP ON PLENARY SESSION 13. WIDE OF FINANCE OFFICIALS 14. TIGHT OF GERMAN FEDERAL MINISTER OF FINANCE WOLFGANG SCHAUBLE 15. MID OF FINANCE OFFICIALS 16. WIDE OF FEDERAL RESERVE CHAIR JANET YELLEN ARRIVING 17. LOW ANGLE OF YELLEN IN SEAT 18. WIDE OF GOVERNOR OF THE BANK OF MEXICO AGUSTIN CARSTENS 19. FEDERAL RESERVE CHAIR JANET YELLEN 20. WIDE OF CARSTENS SHAKING HANDS 21. US TREASURY SECRETARY STEVEN MNUCHIN SHAKING HANDS WITH INDIA'S FINANCE MINISTER ARUN JAITLEY TO START BILATERAL MEETING 22. US TREASURY SECRETARY STEVEN MNUCHIN WITH JAITLEY AT START OF BILATERAL MEETING STORYLINE: Global finance leaders are playing down differences over free trade with President Donald Trump, saying there is wide agreement that globalization delivers stronger economic growth. But officials at the spring meetings of the World Bank and International Monetary Fund warned that too many people have been left behind at a time when low-wage competition and automation have reduced factory jobs in the world's wealthy economies. Saturday the finance leaders sat down for a group photo and met in a plenary session in Washington. This week, trump ordered his Commerce Department to investigate whether steel imports posed a threat to U.S. National security. The move could lead the United States to impose tariffs on steel. Treasury Secretary Steven Mnuchin repeated a call for the imf to police the currency markets and call out countries that undervalue their currencies to gain an unfair price advantage for their exporters. The G-20, at a meeting last month in Germany, dropped a pledge to oppose trade protectionism amid pushback from the Trump administration, which says trade policy needs to more clearly benefit American companies and workers. But in Washington this week, IMF chief Christine Lagarde and World Bank President Jim Yong Kim talked up the benefits of unfettered global trade. Lagarde described protectionist measures as "self-inflicted wounds" that hobble economic growth. 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. But there are risks to the sunny outlook. In the U.S., The Federal Reserve has raised short-term interest rates twice since December, is on target for more increases this year and is weighing whether to begin selling part of its vast portfolio of bonds, a move that also could drive up rates. Rising interest rates in the United States could drive up the dollar, hurt American exporters and squeeze foreign borrowers who took out loans they have to repay in the U.S. currency. =========================================================== CLIENTS ARE REMINDED: (I) TO CHECK THE TERMS OF THEIR LICENCE AGREEMENTS FOR USE OF CONTENT OUTSIDE NEWS PROGRAMMING AND THAT FURTHER ADVICE AND ASSISTANCE CAN BE OBTAINED FROM THE AP ARCHIVE ON: TEL +44 (0) 20 7482 7482 EMAIL: [email protected] You can license this story through AP Archive: http://www.aparchive.com/metadata/you... Find out more about AP Archive: http://www.aparchive.com/HowWeWork
