Published: Tue, April 24, 2018
Markets | By Terence Owen

Trump may Send Envoy to Talk Trade

Trump may Send Envoy to Talk Trade

The global growth outlook faces rising threats from trade tensions and mounting debt despite a strengthening and "increasingly broad-based" expansion at the moment, according to a statement from world finance ministers and central bankers.

China's Ministry of Commerce (MOC) said on Sunday that it welcomed the prospect of US Treasury Secretary Steven Mnuchin visiting China to discuss bilateral economic and trade issues.

"We strongly believe that unfair global trade practices impede stronger USA and global growth, acting as a persistent drag on the global economy", Mnuchin said. But there's danger ahead, even if the world economy is projected to grow by 3.6 percent in 2018.

On Saturday, the World Bank approved a $13 billion capital increase package that includes $7.5 billion of paid-in capital for the International Bank for Reconstruction and Development (IBRD), the group's primary lending arm, and $5.5 billion for the International Finance Corporation (IFC), the group's private sector lending arm.

"The Chinese side has received information that the US side hopes to come to Beijing to discuss economic and trade issues. We call on the International Monetary Fund and the World Bank Group to work together on a multi-pronged work programme to enhance debt transparency and sustainability and address LIDCs debt vulnerabilities", it said. Each has proposed imposing tariffs of $50 billion on each other's products; President Donald Trump is looking to impose tariffs up to $100 billion more on Chinese goods.

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But some poor countries have increasing debts, too, which Lesetja Kganyago, South African Reserve Bank governor and chairman of of the International Monetary and Financial Committee, underlined on Saturday.

"We have now adopted a framework for enhanced engagement on governance and corruption that aims for a more systematic, evenhanded, effective and candid engagement with member countries".

"We support the IMF's continued efforts to assist countries in dealing with the macroeconomic consequences of large refugee inflows", it said. -China trade war. And the Federal Reserve is steadily ratcheting up US interest rates from the record low levels where it kept them for most of the decade since the 2008 financial crisis.

'China will vigorously push forward the reform and opening-up of the financial sector, significantly relax market access restrictions, create a more attractive investment environment, strengthen the protection of intellectual properties and actively expand imports, ' Yi said. "We will work together to reduce excessive global imbalances in a way that supports global growth by pursuing appropriate and sustainable policies", the communique said.

In addition to wrangling over trade, finance officials from the Group of 20 powerful economies focused on geopolitical risks and rising interest rates, two threats to growth.

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