March 19, 2018 / 6:41 PM / 10 months ago

U.S. Treasury's Mnuchin at G20 emphasizes free trade, reciprocal terms: official

FILE PHOTO: U.S. Secretary of the Treasury Steven Mnuchin discusses the Trump administration's tax reform proposal in the White House briefing room in Washington, U.S, April 26, 2017. REUTERS/Carlos Barria/File photo

BUENOS AIRES (Reuters) - U.S. Treasury Secretary Steven Mnuchin is making clear the Trump administration’s emphasis on “free trade with reciprocal terms” at the Group of 20 finance ministers and central bank governors’ meeting, a senior Treasury official here said.

“There’s no doubt that the secretary represents the president’s very strong view that we believe in free trade,” the official told reporters.

“But the environment we’re in now, where the expectation is America totally subordinates its national interests in order for the free trade system to work, is just one we don’t accept. So, we’ve been very clear, we believe in free trade with reciprocal terms that leads to more balanced trade relationships.”

The official said he could not immediately comment on the status of trade language in the G20 communique, where many ministers and central bankers have been pushing for a firm commitment to free trade and against protectionism.

The official said that while there was always a lot of emphasis on communique language, the important part for Mnuchin “is the dialogue that we have with our counterparts.”

Reporting by David Lawder; Editing by Andrea Ricci

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