Treasury’s Mnuchin Fends Off Push to Reject Protectionism
BADEN-BADEN, Germany—U.S. Treasury Secretary Steven Mnuchin rebuffed a concerted push by world finance chiefs on Saturday to disavow protectionism, fanning fears that the Trump administration’s pursuit of an “America First” policy could ignite global trade conflicts.
.. At a news conference, Mr. Mnuchin said earlier language on protectionism “was not necessarily relevant from my standpoint.”
He also warned that some global trade agreements weren’t being enforced, and that the new administration would be aggressive in doing so.
.. Mr. Schäuble said at a news conference that Mr. Mnuchin appeared to have no mandate to negotiate any new or creative commitments on trade.
.. Brazil Finance Minister Henrique Meirelles told the G-20 about his country’s own experience with protectionism as the country has just experienced its worst recession on record.
“We had adopted during the last years some protectionist measures for some sectors of the economy and the net result was not positive,”
.. Evidence that it may just be too soon for the U.S. to offer the G-20 anything substantive on trade, financial regulation, tax overhauls and other policies, Mr. Mnuchin relied on senior civil servants to conduct much of the detailed negotiations at the meeting.
.. If trade czar Peter Navarro and Steve Bannon, a top Trump adviser and self-described economic nationalist, have their way, many officials fear the White House could trigger a trade war. The administration has advocated applying unilateral actions that eschew a rules-based multilateral order, including submission to the World Trade Organization’s authority.
.. The U.S. delegation found a rare ally in Japan, which came to the defense of Mr. Mnuchin, saying talks over American protectionism were overblown.