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Mnuchin expresses optimism trade standoffs can be resolved

By PAUL WISEMAN and competition. "The presi-
MARTIN CRUTSINGER dent has been very clear
AP Economics Writers on what our objectives
WASHINGTON (AP) — The are," Mnuchin said. "We are
International Monetary looking for reciprocal treat-
Fund and the World Bank ment. This is not about pro-
repeatedly warned at their tectionism."
meetings this week that There were signs of con-
intensifying trade tensions ciliation. The U.S. dropped
could jeopardize a healthy its objection to the first in-
global economic expan- crease in the World Bank's
sion. capital resources since
But U.S. Treasury Secretary 2010, clearing the way for
Steven Mnuchin expressed the bank's board to OK a
cautious optimism Satur- $13 billion increase in its
day that countries could capacity to make loans to
settle their differences with- poor countries. The move
out a trade war. was tied to a package of
Mnuchin met during the reforms the U.S. had sought.
past three days with finan- Both the World Bank and
cial officials from China, IMF held meetings of their
Japan and Europe over a policy committees on Sat-
series of punitive tariffs un- urday. In a closing commu-
veiled by the Trump admin- nique, the IMF expressed
istration against China and concern that the rising
other trading partners. trade tensions could dim
In a session with reporters, what at the moment are
Mnuchin refused to say bright prospects for the
how close the United States global economy, which is
was to resolving the vari- expected to grow this year
ous trade disputes, but he at the fastest pace since
did say progress had been 2011.
made. "Trade tensions are not to
The United States and Chi- the benefit of anyone,"
na are on the brink of what said Lesetja Kganyago,
would be the biggest trade who leads the policymak-
dispute since World War ing committee and is gov-
II. Each has proposed im- ernor of the South African
posing tariffs of $50 billion Reserve Bank. "If there is a
on each other's products; trade conflict, there could
President Donald Trump is never be winners. We could
looking to impose tariffs up Treasury Secretary Steve Mnuchin speaks during a news conference at World Bank/IMF Spring all only be losers."
to $100 billion more on Chi- Meetings, in Washington, Saturday, April 21, 2018. On Friday, Mnuchin had
nese goods. Associated Press called on the IMF to do
In a speech earlier this more to police countries
month, Chinese President The Commerce Ministry in economies, the 189-na- China's central bank, said running large trade sur-
Xi Jinping vowed to open Beijing said Sunday that tion International Monetary that global growth could pluses, a role that has tradi-
China's market wider to China welcomes a visit from Fund and its sister lending be hurt by "an escalation tionally been left to the Ge-
foreign companies, rais- the U.S. to Beijing to discuss agency, the World Bank. of trade frictions caused by neva-based World Trade
ing hopes the dispute with trade issues and confirms it The officials roundly criti- unilateral actions," an obvi- Organization. The final IMF
Washington could be re- has "received information" cized Trump's get-tough ous reference to America's communique did state:
solved. Mnuchin said he regarding Washington's in- approach to trade, a re- threatened tariffs against "We will work together to
discussed Xi's proposals terest in such a trip. versal of seven decades of China. reduce excessive global
with Chinese officials. "We Trade tensions dominat- U.S. support for increasing Mnuchin insisted that the imbalances in a way that
are cautiously optimistic," ed the three days of talks freedom in global com- United States was not trying supports global growth."
Mnuchin told reporters, say- among top finance offi- merce. In his speech to the to provoke a global trade The communique did not
ing that he may soon travel cials attending meetings IMF's policy committee Sat- war but seeking to protect spell out how this would be
to Beijing for further talks. of the Group of 20 major urday, Yi Gang, the head of American jobs from unfair accomplished.q