define trade stance

Global finance gathering struggles

AP/UNB, Baden-Baden: Financial officials from the world's biggest economies are struggling to define a common stance on trade in the face of the Trump administration's insistence that cross-border commerce must be "fair" as well as "free." Finance ministers from the Group of 20 powers comprising more than 80 per cent of the global economy debated the wording of their final joint statement on trade expected Saturday at their summit in the southern German resort town of Baden-Baden.
Officials were talking about replacing the group's longstanding opposition to "all forms" of protectionism with new wording that would reflect US concerns by adding a reference to "fair" trade as well.
U.S. Treasury Secretary Steven Mnuchin says the US is not seeking trade wars but has underlined President Donald Trump's willingness to review existing trade deals to make them fairer for U.S. workers. Free trade often lowers the costs of business and trade but can make it easier for companies to shift jobs to lower-cost countries.
Trump, who campaigned on an "America First" platform, has already pulled the U.S. out of the proposed Trans-Pacific Partnership agreement with Japan and other Pacific Rim countries. He also has started the process to renegotiate the North American Free Trade Agreement with Mexico and Canada.

 

define trade stance

Global finance gathering struggles

AP/UNB, Baden-Baden: Financial officials from the worlds biggest economies are struggling to define a common stance on trade in the face of the Trump administrations insistence that cross-border commerce must be fair as well as free. Finance ministers from the Group of 20 powers comprising more than 80 per cent of the global economy debated the wording of their final joint statement on trade expected Saturday at their summit in the southern German resort town of Baden-Baden. Officials were talking about replacing the groups longstanding opposition to all forms of protectionism with new wording that would reflect US concerns by adding a reference to fair trade as well. U.S. Treasury Secretary Steven Mnuchin says the US is not seeking trade wars but has underlined President Donald Trumps willingness to review existing trade deals to make them fairer for U.S. workers. Free trade often lowers the costs of business and trade but can make it easier for companies to shift jobs to lower-cost countries. Trump, who campaigned on an America First platform, has already pulled the U.S. out of the proposed Trans-Pacific Partnership agreement with Japan and other Pacific Rim countries. He also has started the process to renegotiate the North American Free Trade Agreement with Mexico and Canada.