G-7 nations seek ways to make growth help more people

Japanese Finance Minister Taro Aso leaves at the end of a plenary session during a G7 of Finance Ministers and Central Bank Governors meeting in Bari southern Italy Friday

Mnuchin briefed Aso on planned US tax measures, including a drastic corporate tax cut, announced last month by the administration of President Donald Trump.

The Trump administration is trying to convince countries that its trade policies are created to encourage other countries to drop their barriers to imports and rebalance the global trading system.

He felt people were becoming "more comfortable" with the goals of the new administration and said there had been much interest in Trump›s plans to slash taxes.

Yet, he added, "We don't want to be protectionist, but we reserve our rights to be protectionist to the extent that we believe that trade is not free and fair". According to The AP, "one partner openly pushing back was Canadian Finance Minister Bill Morneau, who rejected as "baseless" duties the USA imposed on some Canadian lumber imports". Still, he and Mnuchin stressed how important the U.S. "We are working to strengthen the contribution of trade to our economies", the G7 communique read.

"Many of us, including myself and Dr. Schaeuble (German Finance Minister), told Mr. Mnuchin that it is unthinkable that in the weeks and months to come, we can allow the established framework to be debated", Michel Sapin, Finance Minister of France, said. "So I am very satisfied".

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In theory, corporate tax cuts and deregulation along the lines proposed by Trump could address some of those problems in the world's largest economy. "We're going to try to get this done as quickly as we can". But he offered little detail.

While noting "global recovery is gaining momentum", the communique said the world economy is facing "high and rising inequalities, notably within many countries and affecting in particular middle and lower income earners".

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"When he came to Baden-Baden, his comments were tentative - probably because it was his first worldwide meeting and it was soon after he started", Japan's Finance Minister Taro Aso told reporters. "The U.S. has just concluded an agreement with China". "I am quite confident that the development will continue, that the USA administration will engage more strongly in this process".

They also vowed to cooperate more against cyber crime, finance the global anti-terror fight, and promote a fair tax system including digital economy.

The malicious software freezes files on computers, demanding a ransom to grant access to them.

The G7 meeting, gathering financial leaders from the world's seven developed economies, run from May 11 to May 13 in the southern Italian city of Bari.

The G-7 countries are Canada, France, Germany, Japan, Italy, the United States and the United Kingdom.

A Group of Seven communique issued on Saturday said officials were "working to strengthen the contribution of trade to our economies" - a weaker pledge than the statement from the Group of 20 leaders previous year to avoid protectionism in all its forms.

This article was updated with new information.

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