Trump believes in 'reciprocal' free trade: Treasury chief

Workers at steel wire stockyard in Shanghai. Donald Trump says the US's reliance on imports is a national security threat

Workers at steel wire stockyard in Shanghai. Donald Trump says the US's reliance on imports is a national security threat. Qilai Shen

White House economic adviser Gary Cohn said Thursday the United States was only seeking "fair" treatment, so tariffs on USA exports would be met by a tariff on imports from that country.

President Donald Trump has signaled that he will evaluate trade deals and renegotiate them to help US companies and curb the nation's growing trade deficit.

The World Bank chief said there was need to find innovative ways to reach the poor, and make the world more secure and stable.

International Monetary Fund Managing Director Christine Lagarde said that the 70-year-old multilateral institution will keep evolving to meet the needs of its 189 members, but added that none are opposed to free and fair trade. Governments should respond with "broad-based rehabilitation" of communities hurt by lost manufacturing-a situation almost entirely due to technological advances rather than trade, even though trade is blamed, he said.

German Finance Minister Wolfgang Schaeuble said early Friday "we can only tackle the big challenges of our times" with "stronger worldwide coordination".

Schaeuble said there was "broad agreement" that "free trade is better for global growth".

"We believe that globalization and free trade has had just an absolutely huge impact on poor people and poor countries". "It must be clear that the rest of Europe stands together".

He called the IMF's forecast for U.S. growth "a little conservative", saying that the country's economy could grow by 3 per cent or higher with the support of tax reforms and regulatory relief.

The US tax code is "way, way, way too complicated", and simplification is a key part of Trump's economic plans.

Lagarde said the situation in the country after demonetisation has "improved significantly".

She said China was not likely to make major strides towards needed reforms to its economy that would rein in growing debt levels until after the country's 19th Party Congress in the fall of this year.

However, US actions contrasted with that statement as Trump on Friday signed an order directing Mnuchin to review the US financial regulations known as "Dodd-Frank" that were erected in the wake of the crisis.

The comments came a day after Trump ordered the U.S. Commerce Department to investigate whether steel imports posed a threat to U.S. national security - a move that could lead to the U.S. imposing tariffs on steel.

"The science of climate change didn't change with any particular election, and I don't see that it will", Kim said at a news conference.

Federal Reserve Vice Chairman Stanley Fischer said in a CNBC interview on the sidelines of the meetings that he had not seen anything yet to change the view that the Fed will raise rates two more times this year, but he said the actual rate hikes "are dependent on what happens to the economy". He said the biggest factor in the job losses was increased automation. "One of them - as a former lawyer I am particularly attentive to because it particularly when you have to deal with the corporate sector banking sector that means help - is the bankruptcy reform", the 61-year-old International Monetary Fund chief said.

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