Group of Seven finance chiefs signed up to a pared-down pledge Saturday on global trade as the presence of U.S. President Donald Trump's administration of the world stage continued to redefine the established economic order.
The G-7 nations, meeting in Bari, southern Italy, said in a statement that they are "working to strengthen the contribution of trade to our economies" — a repetition of the language used at the Group of 20 gathering in March that fell short of an explicit promise to avoid protectionism. While trade was not specifically on the agenda, its presence loomed large as U.S. Treasury Secretary Steven Mnuchin came under pressure to engage on the matter.
"People are much more comfortable today now that they've had the opportunity to spend time with me and listen to the president and listen to the economic message on what the economic agenda is, and that's about creating growth in the United States," Mnuchin told reporters after the meeting. "We don't want to be protectionist but we reserve our right to be protectionist to the extent that we believe trade is not free and fair."