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Mnuchin Takes Heat From Global Finance Chiefs Over Trade

  • EU reps say collapse of multilateral system must be avoided
  • G-20 removes reference to risk of inward looking policies
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Bloomberg’s Michael McKee reports on the first day of the G-20 Summit. (Source: Bloomberg)
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Global finance chiefs were unusually blunt in warning that the U.S. had put the international trade order at risk as President Donald Trump pushes ahead with his “America First” agenda by imposing steep tariffs on steel and aluminum.

Finance ministers and central bankers from the Group of 20 nations told U.S. Treasury Secretary Steven Mnuchin on Monday that multilateral, rule-based trade is an essential pillar of the global economy, according to three people familiar with the discussions. But U.S. officials are standing firm and telling counterparts gathered in Argentina that they won’t give up their economic and national security interests, according to a Treasury official.