to be re-examined to make them fairer for U.S. workers.
At a news
conference with German Finance Minister Wolfgang Schaeuble, Mnuchin said that
President Donald Trump views trade as important for economic growth.
But when asked
whether the Group of 20 finance ministers should explicitly reaffirm their past
vow to resist protectionism, Mnuchin repeated his view that some U.S. trade
relationships need to be re-examined to make them fairer and more reciprocal.
"It is
not our desire to get into trade wars," Mnuchin said. "The president
does believe in free trade but he wants free and fair trade."
Differences
over trade could become a sticking point for G20 finance officials at a meeting
in the spa town of Baden-Baden, Germany this weekend.
Schaeuble told
Reuters in an interview that it was unclear whether the anti-protectionism
language would remain in the G20 statement to be issued at the meeting's close
on Saturday.
Given that
Trump's "America First" agenda, trade issues could be set aside for
G20 leaders to tackle at a summit in July, Schaeuble said.
But both
Schaeuble and Mnuchin both said they had a constructive discussion ahead of the
G20 meeting and pledged to work together through differences to promote growth.
"It was a
good start," Schaeuble said of the meeting, adding that it was a positive
sign for international cooperation and the G20 process.
"We have
found a good basis to talk openly about issues where we don't have the same
stance from the outset," Schaeuble said.
Mnuchin said
the ministers agreed that they should fight currency manipulation.
The US
Treasury chief declined to comment specifically on the euro's current value,
but in a shift away from criticism by White House National Trade Council
Director Peter Navarro that Germany has benefited unfairly from the euro's
weakness, Mnuchin acknowledged that the euro is used by many countries and is
affected by many factors.
"It is
different than a single currency controlled by a single country," Mnuchin
said of the euro. He also said that for trade, he views the European Union as
both a single bloc as well as individual countries.
Regarding the
U.S. dollar, Mnuchin reiterated his view that a strengthening dollar was good
for the long run, but declined to comment on short term movements in the
dollar. In recent weeks, he has said that short-term dollar spikes can be
negative for the U.S. economy.
"I
believe that in the long-term best interests, the strengthening of the dollar
is a good thing and I think that the long term strengthening of the dollar is a
sign of confidence in the reserve currency," he said.
*REUTERS*
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